On Friday, President Obama announced a plan that would benefit both the energy market and the job market.
In a combined effort with former President Bill Clinton, the President will start this $4 billion program in conjunction with 3M Co (NYSE: MMM) and Alcoa Inc (NYSE: AA).
According to Bloomberg, this program will install energy efficient systems worth about $2 billion on federal buildings, and it will require an additional $2 billion in commitments from various companies and cities to do the same.
Not only will it cut down on emissions from all establishments involved, but it is also expected to create plenty of construction jobs.
Bloomberg reports that this was announced just as the Labor Department job report announced that unemployment is now at 8.6% and that payrolls are up 120,000.
The new project is expected to increase energy performance by 20% by 2020, CNN says.
It combines the efforts of Clinton’s Global Initiative with Obama’s “We Can’t Wait” campaign, in which he has gone around Congress in several decisions to carry out orders more quickly, as the article reports.
Universities are taking part in the program as well. It is sweeping the nation as an effort to improve the global environmental outlook.
Tom Donohue, President of the U.S. Chamber of Commerce, told Bloomberg:
“This is a sure fire way to create jobs and make our nations federal buildings more energy efficient, all without using a penny of taxpayer money.”
The article reports that the money will come largely from private sector finances for the federal buildings.
It’s a positive outlook for the future of the United States’ energy.
On Friday, Alcoa was up 1.53% to $9.96, and 3M was up .10% to $80.38.
That’s all for now,
Brianna
