12/02/11 4:08pm

Article By: Marty Niland

President Obama has announced an initiative to make buildings 20 percent more energy efficient by 2020.

The president and former President Bill Clinton unveiled the Energy Savings Performance Contracts, a $4 billion public-private partnership, today in Washington. The administration is touting it as an employment boosting measure that does not require congressional approval, saying it could generate about 50,000 jobs over two years

The federal government is committing $2 billion and a coalition of corporations, labor unions, universities and local governments will match it. They payoff will come in realized energy savings, Obama said, so there is no up-front federal expense.

"Upgrading the energy efficiency of America's buildings is one of the fastest, easiest and cheapest ways to save money, cut down on harmful pollution and create good jobs right now," Obama said.