Bombay is one 16 cities that has joined a Global Initiative organized by the Clinton Foundation.

A coalition of 16 of the world’s biggest cities, five banks, one former president and companies and groups that modernise aging buildings have pledged to invest billions of dollars to cut urban energy use and releases of greenhouse gases linked to global warming.

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Under a plan developed through the William J Clinton Foundation, participating banks would provide up to $1 billion each in loans that cities or private landlords would use to upgrade energy-hungry heating, cooling and lighting systems in older buildings. The loans and interest would be paid back with savings accrued through reduced energy costs.

Clinton’s foundation has created an arrangement among 16 cities — Mumbai, Karachi, Seoul, Bangkok, Melbourne, Sao Paolo, Johannesburg, New York, Chicago, Houston, Toronto, Mexico City, London, Berlin, Tokyo and Rome. The planned projects include replacing heating, cooling and lighting systems with energy-efficient networks; making roofs white or reflective to deflect more of the sun’s heat; sealing windows and installing new models that let more light in and keep the elements out; and setting up sensors to control more efficient use of lights and air conditioning. Typically, such upgrades are expected to cut energy use and costs from 20 per cent to 50 per cent.

The former president said Citi, Deutsche Bank, JP Morgan Chase, UBS and ABN Amro have each committed $1 billion to finance the upgrades. “If all buildings were as efficient as they could be, we’d be saving an enormous amount of energy and significantly reducing carbon emissions. Also, we’d be saving a lot of money,” he said.

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