That is the equivalent of 500 Empire State Buildings.
President Obama announced commitments from 60 major CEOS, universities, mayors, labor leaders, and others to improve the energy efficiency of 1.6 billion square feet of commercial and industrial property. That's more square footage than 500 Empire State Buildings.
Refitting our nation's buildings to be more energy efficient will help businesses save money, create jobs for out-of-work construction workers, and help protect our environment. In fact, meeting President Obama's Better Building Initiative goal—improving energy efficiency in our commercial buildings 20 percent by 2020—will save businesses $40 billion per year and create 114,000 jobs.
President Obama knows that we can't wait on Congress to offer incentives for building owners to move forward with energy efficiency upgrades on their properties. That's why he partnered with the former President Bill Clinton and his Council on Jobs and Competitiveness to spur the $2 billion private sector investment that led to today's announcement. To jumpstart even more energy efficient upgrades, President Obama also directed Federal agencies to make at least $2 billion worth of energy efficiency upgrades in the next two years.