The university announced Tuesday that the Beeck Center for Social Impact and Innovation has helped the White House and Department of Energy raise $4 billion to invest into clean energy companies in the private sector.
The funding project is part of the Obama administration’s recent efforts to increase clean energy technology in private companies. According to the university website, the Beeck Center provided thought leadership to the White House and other organizations on private sector investments.
Most of the funding was donated by major foundations and institutional investors and will directly contribute to private research on climate change solutions.
In a statement to the university website, Beeck Center Executive Director Sonal Shah said that it is important to leverage private capital in developing new methods to combat climate change.
“It’s key to recognize the critical role of private capital in scaling new business models especially as we look for ways to invest in innovation to reduce carbon pollution while growing the economy and creating new U.S. industries,” Shah said.
Shah also participated in a panel discussion on investing in new technologies at the White House’s Clean Energy Investment Summit on June 16, where Vice President Joe Biden announced the $4 billion investment.
According to Shah, both public and private companies should work together on environmental protection efforts.
“The policy changes announced at the summit mark a significant progress towards a future in which the public and private sectors work seamlessly together to solve our nation’s greatest social and environmental challenges,” Shah said. “We are excited to support these announcements and for the opportunity to help lead this movement.”