President Obama has announced a $4 billion investment to increase energy efficiency in public and private buildings around the US.

The President has joined 60 CEOs, municipalities, state governments, universities, and unions with the aim of reducing energy consumption by 20% by 2020.

Shannon Smith, CEO of Abundant Power, who will be financing more than $100 million energy efficiency projects over the next 18 months said: “We are extremely pleased with President Obama’s recognition of the importance of energy efficiency and we are honored to be a part of the Better Buildings Challenge.

“This commitment comes at a time when America more than ever needs job creation, to save scarce financial resources and to increase our own energy security.”