Cleveland Clinic Launches Largest Green Revolving Fund in Healthcare
$7.5M Fund Will Drive Energy Efficient Projects In Health System
Tuesday, May 10, 2016, Cleveland, OH: Cleveland Clinic announced the establishment of a $7.5 million Green Revolving Fund (GRF) – the largest established fund of its kind in the healthcare industry – during the national Better Buildings Summit in Washington, D.C.
In addition to being the largest green revolving fund among U.S. healthcare systems, Cleveland Clinic’s $7.5 million annual commitment is one of the largest in any business sector nationally.
Green revolving funds invest in energy efficiency projects to reduce energy consumption while reinvesting the money saved into future projects. As projects pull money from the fund, it is replenished by reinvesting tracked savings from reduced energy consumption, in addition to any rebates received.
“The establishment of this fund strengthens Cleveland Clinic’s commitment to reducing our energy usage and serves as a catalyst for future projects to further reduce our impact on the environment,” said Jon Utech, senior director for Cleveland Clinic’s Office for a Healthy Environment. “As a leader in healthcare, we are continually looking for ways to improve the health of the communities we serve and reduce our operating costs in order to make care more affordable for our patients.”
This dedicated fund will help drive Cleveland Clinic’s continued commitment to energy conservation and overall sustainability, including the goal to reduce energy intensity by 20 percent by 2020 as part of President Obama’s Better Buildings Challenge. Through the end of 2015, Cleveland Clinic has reduced its energy demand by 12.3 percent as part of this challenge.
Several key components to Cleveland Clinic’s early success in the Better Buildings Challenge include: improving the energy efficiency of its existing buildings by optimizing building systems; making targeted reinvestments; utilizing ENERGY STAR-rated lighting appliances and equipment; implementing an industry-leading LED lighting retrofit strategy, as well as numerous other energy reduction projects and programs.