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    White House Announces $4Bln in Private Sector Commitments to Clean Energy

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    According to White House, United States private sector will invest $4 billion to develop clean energy and fight climate change.

    WASHINGTON (Sputnik) The United States’ private sector will invest $4 billion to develop clean energy and fight climate change, the White House said in a press release on Tuesday.

    “The White House is hosting a Clean Energy Investment Summit where Vice President Joe Biden will deliver remarks highlighting more than $4 billion of independent commitments by major foundations, institutional investors, and other long-term investors to fund climate change solutions,” the White House said.

    The investment is twice the $2 billion target the administration of US President Barack Obama set out under a clean energy investment initiative announced earlier this year.

    To reduce carbon emissions, the White House also announced on Tuesday a number of executive actions to encourage clean energy investment while promoting economic growth.

    The executive actions include launching a new Clean Energy Impact Investment Center, facilitating charities’ investments in clean energy technologies and improving financing for private investment funds, according to the press release.

    In 2008, Obama established a Climate Action Plan, which proposed reducing carbon dioxide emissions by preserving forests, land and water resources combined with increasing alternative energy sources.

    The Obama administration has set the target to reduce greenhouse gases by 26 to 28 percent from 2005 levels by 2025.

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