Clinton, banks fight climate change

WASHINGTON -- Former U S President Bill Clinton is teaming up with five banks, including Citigroup Inc. and JPMorgan Chase & Co., energy service companies, and 16 cities to combat global climate change by curbing energy use in municipal buildings.

The banks -- which also include ABN Amro Holding NV, UBS AG, and Deutsche Bank AG -- have each committed $1 billion in loans to fund building upgrades in cities such as New York, Rome, Bangkok, Mexico City, London, Johannesburg, and Tokyo.

"The businesses, banks, and cities partnering with my foundation are addressing the issue of global warming because it's the right thing to do, but also because it's good for their bottom line," Clinton said in a statement.

The $5 billion pool of loans will be available to cities and private building owners immediately.

The building improvements are expected to produce energy savings ranging from 25 percent to 50 percent, Clinton said.