Portland selected for low-carbon economic development program

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Officials in Portland announced Friday that the city was selected to participate in the first wave of a low-carbon economic development program run by Sir Richard Branson's nonprofit, the Carbon War Room.

The Green Capital Global Challenge, launched in Vancouver during the Winter Olympics, is a program designed to connect private investors with public-sector sustainability projects. The Carbon War room will work with the first wave of cities, which organizers have identified as the "most ambitious," in a two-year program that will work to attract investment for city-led efficiency programs and will culminate in a review of results in the summer of 2012. The program states a goal of closing initial investments by the end of the year.

"I am proud that Portland can join forces with such an esteemed company of cities committed to economic, environmental and social sustainability," said Portland Mayor Sam Adams in a press release. "We know that the future of any great city will be defined in how well it can deliver economic prosperity alongside environmental stewardship."

Other participating cities include Atlanta; Babylon, N.Y., Burlington, Vt., Birmingham in England, Charleston, S.C., Chicago, Copenhagen, Gainesville, Fla., London, New York City, San Francisco, Washington, D.C., Toronto and Vancouver.

The Carbon War Room has the stated goal of developing a thriving, post-carbon economy.

Peter Boyd, operations director for the Carbon War Room, said the Green Capital challenge will involve connecting city projects with appropriate capital sources.

"It's like what's happening on a small scale with PACE legislation in some parts of the country," Boyd said. "We want to answer the question: Can we make the capital move? The prize, in effect, is private capital."

PACE programs — it stands for property-assessed clean energy — allow property owners to finance work such as energy efficiency improvements and solar installations with their future energy savings. The Portland-based Clean Energy Works program, which recently landed a $20 million federal grant to expand statewide, is similar to a PACE program, but uses a funding mechanism tied to future utility bills.

Boyd said every participating city will have distinct needs and that how the Carbon War Room works with city teams will vary.

Michael Armstrong, senior sustainability manager for the City of Portland, said he is most looking forward to collaborating with the other leading cities chosen to participate.

"These are great laboratories," Armstrong said. "It's my hope we'll be able to work together to accomplish something bigger than any of us could do on our own."