US private sector pledges $4B for climate change

SWASHINGTON — The White House is announcing $4 billion in pledges from major foundations and institutional investors to pay for innovations that reduce carbon pollution. US President Barack Obama is also using his executive powers to help make such investments easier.

Vice-President Joe Biden will draw attention to the effort Tuesday during a Clean Energy Investment Summit at the White House. The White House says the investment commitments come from hundreds of organizations ranging from the Sierra Club Foundation to Goldman Sachs.

Among the initiatives is the creation of a non-profit group that would identify and assess companies and commercial investments that result in projects that are both profitable and aim to address climate change.

The actions are designed to encourage the private sector to invest in more clean energy efforts.