Washington University announced yesterday that it is investing over $55 million in a new renewable energy initiative that centers around the establishment of a new International Center for Advanced Renewable Energy and Sustainability (I-CARES).

I-CARES is to “encourage and coordinate university-wide and external collaborative research in the areas of renewable energy and sustainability — including biofuels, CO2 mitigation and coal-related issues,” according to the statement released by the university.

Chancellor Mark Wrighton described the project as interdisciplinary, noting that it pulls together experts in genomics, microbiology, plant science, materials, environmental engineering, systems science, computer science, economics, political science, architecture and social work.

According to the press release, the $55 million is to be split to fund:

• $40 million for a new building for the Washington University Department of Energy, Environmental and Chemical Engineering.

• $12.5 million for five new endowed professorships over the long term in related fields.

• $2.5 million over five years to promote regional collaboration on the issues.

• $500,000 for collaborative projects with international partners.

• Support a sustainability officer and provide the capital needed to apply green technology to improve efficiency of energy systems and other university operations.

Just this past spring, the University spent $16,186 to install seven solar panels on the roof of the Olin Library on its Danforth Campus to provide renewable power to the building.

Washington University is a member of the Association for the Advancement of Sustainability in Higher Education (AASHE), an organization that works to promote sustainability in all sectors of higher education.