EEB Hub stands at center of Philadelphia's innovation network
There has been an increased push for innovation in America over the past several years, as the government is working closely with private sector firms in order to trim the waste that is present in the U.S. economy. One such area is the commercial real estate sector, which is currently responsible for 40 percent of the country's energy use.
Chaka Fattah, a Congressman from Philadelphia and Michael A. Nutter, the Mayor of the esteemed city, recently wrote an article describing an effort centered in the region that looks to reduce energy consumption levels while also providing economic stimulus to the area.
Writing in the Philadelphia Inquirer, the two politicians outlined how the city's Energy Efficient Buildings Hub (EEB Hub) at the Philadelphia Navy Yard is attracting a significant amount of interest from local startups and clean-economy businesses. This has also helped to fuel regional economic growth and job creation.
This effort was the winner of the Energy Regional Innovation Cluster competition, a hallmark of the President Barack Obama Administration. The EEB Hub could be an engine of economic growth for the region, as it has seen significant progress since its inception two years ago.
"Since then, this collaborative hub of scientists, researchers, and engineers has been working to promote energy efficiency and help America to adopt a more sustainable and competitive energy supply," Nutter and Fattah wrote in the article. "For example, there are more than 4,000 buildings in the region that could benefit from energy-savings retrofits, and if we develop this sector, it would create thousands of jobs for Americans."
Sustained investment in efforts like the EEB Hub is exactly what America needs to transform its economy, as this type of initiative is looking to cut waste and improve efficiency to stimulate regional growth.
Energy efficient buildings are an appropriate target for the U.S. government, as these structures not only help to lessen the negative impact of companies on the environment, but they also can lead to significant savings in operating costs.
This is why there has been an injection of more than $4 billion into the sector in the form of venture capital investments over the past 20 years, according to a release from Global Information.
The release noted that the sector is growing each year, and voids left by shifts in the market dynamics are being filled by new technologies and advancements.