The City of Melbourne and the Victorian Government today unveiled an ambitious plan to retrofit 1200 commercial buildings over a decade.

The target equates to more than two-thirds of the Melbourne municipality's existing commercial buildings.

The City of Melbourne and 15 companies that between them manage 30 buildings are founding signatories to the program, with each committing to reduce greenhouse gas emissions from nominated buildings by 38%.

Initial participants include Investa Property Group, which will have five buildings in the scheme, the GPT Group and Charter Hall (four buildings each) and Stockland, ING Office Fund and Colonial State Mutual Global Asset Management (two buildings each).

The Victorian Government is providing $500,000 to support the program's expansion.

It is also working with the City of Melbourne to investigate "a viable financial mechanism" that would give participating building owners access to low-cost finance for retrofits, according to a council media statement.

Those in the scheme could also apply for funding through programs including the $5 million Sustainable Melbourne Fund and the Federal Government's Green Building Fund.

The 1200 buildings program "will transform existing commercial buildings into centres of environmental innovation, showcases of engineering excellence and engines of economic growth", Lord Mayor Robert Doyle said.

The program would create 800 new jobs and generate $1.3 billion in economic activity, he said.