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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO

Obama to sign order cutting federal greenhouse gas emissions

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March 19, 2015, 5:05 PM ET
President Obama Delivers State Of The Union Address At U.S. Capitol
WASHINGTON, DC - JANUARY 28: U.S. President Barack Obama delivers his State of the Union speech on Capitol Hill on January 28, 2014 in Washington, DC. In his fifth State of the Union address, Obama is expected to emphasize on healthcare, economic fairness and new initiatives designed to stimulate the U.S. economy with bipartisan cooperation. (Photo by Larry Downing-Pool/Getty Images)Photograph by Larry Downing — Getty Images
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(Reuters) – U.S. President Barack Obama will sign an executive order on Thursday that sets a goal for the U.S. government to cut its greenhouse gas emissions by 40% by 2025, the White House said.

Although the federal government accounts for only 0.7% of net U.S. emissions, it is the single largest energy consumer in the United States, according to the White House.

Meeting the goal would cut 21 million metric tons of greenhouse gas emissions from 2008 levels, it said.

Several large private-sector partners, including IBM, General Electric and Honeywell, also committed to cutting a combined 5 million metric tons.

Obama has made fighting climate change a top priority in his final two years in office. The White House sees it as critical to his legacy.

In November, Obama reached an agreement with Chinese President Xi Jinping that set a goal of reducing overall U.S. greenhouse gas emissions by 26% to 28% below 2005 levels by 2025. China agreed to begin lowering its carbon dioxide emissions by 2030, with the intention of trying to do so earlier.

White House senior adviser Brian Deese said the federal government’s share of greenhouse gas emissions in the overall U.S. economy is “modest,” but said the announcement is significant.

“The potential from this announcement, however, is significant both because we can drive substantial reductions across the entire federal footprint and because our efforts to do that leverage both innovation and investment in the private sector,” Deese said on a call with reporters.

The Environmental Protection Agency last year offered a Clean Power Plan that set deadlines for states to submit proposals to meet power plant carbon emission reduction goals.

A dozen states, including Kentucky, West Virginia, Indiana and Wyoming, sued the EPA last August, soon after the plan was unveiled, saying its use of a certain section of the Clean Air Act was illegal. The federal D.C. Circuit Court of Appeals will hear the case on April 16.

Obama’s budget proposal for fiscal 2015, released last month, called for a 7% boost in funding for clean energy and a $4 billion fund to encourage U.S. states to make faster and deeper cuts to emissions from power plants. It also called for the permanent extension of tax credits used by the wind and solar power industries.

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