The White House announced a $2 billion goal for private sector investments in the fight to tackle climate change, and improve low-carbon energy technology.
The initiative is meant to bulk up investments in clean energy, according to a White House fact sheet released on Tuesday.
"Today’s announcements will help clean energy investors reduce transaction costs, spread promising investment models, and increase their climate mitigation impact," the White House fact sheet said.
The $2 billion in private contributions will go toward reducing cost, improving low-carbon energy technology, and boosting solar, wind, and energy efficiency.
Commitments include $1 billion from the University of California Board of Regents toward investing in climate change solutions and helping advance clean energy vehicles.
Wells Fargo is also committing of $100 million in environmental grants by 2020 to boost energy efficiency in commercial buildings.
The private investments coincide with President Obama's request for $4 billion in his 2016 budget to help states prepare for his proposed carbon pollution rule on existing power plants.