The Obama administration on Tuesday announced $4 billion in commitments from the private sector, including more than $1 billion from institutional investors for clean-energy investments.
The announcement was made at the Clean Energy Investment Summit hosted by the White House.
Among the institutional investors' commitments are:
- $500 million from the Oakland-based University of California's office of the chief investment officer, which manages around $90 billion total for the university's endowment, pension fund and investment pools;
- $350 million from the NZ$29.3 billion ($20.5 billion) New Zealand Superannuation Fund, Auckland;
- $200 million from the $54 billion Alaska Permanent Fund, Juneau; and
- $100 million from TIAA-CREF.
Goldman Sachs is committing $500 million of financing and co-investments for clean-energy technology companies.
In addition, a coalition of more than 90 foundations and family offices with total endowment assets of $4.8 billion is committing at least 5% of their total endowment assets each — and in many cases more than 10% — to investments in new energy over the next five years. These foundations include the $866 million Rockefeller Brothers Fund, $304 million Schmidt Family Foundation $166 million Overbrook Foundation, $75 million John Merck Fund, $64 million Compton Foundation and $14.8 million Betsy and Jesse Fink Foundation.
Other participating foundations include the $30.1 million Edwards Mother Earth Foundation with at least $3.8 million committed to clean technology and renewable generation; the $75 million John Merck Fund has a goal of committing up to 100% of its $65 million endowment to clean energy investment; and the $89 billion The Sierra Club Foundation is committing $4 million to climate solutions and clean energy.