Michael Bloomberg announces commitment to Brazil to eliminate coal

During COP-27, Michael R. Bloomberg, United Nations Special Envoy for Climate Solutions and Ambition, announced an expanded approach that will support a two-pronged effort by Bloomberg Philanthropies tohelp the world reduce political, technical and financial barriers for energy transition through:

1. Advanced Policies and Scalability: working with national and local governments across the Global South to develop energy transition plans, implement necessary public policies, and provide the skills and training to accelerate energy development, clean energy, and phase out the use of fossil fuels;
2. Capital Mobilization for Clean Energy Development: Partnering with the Glasgow Finance Alliance for Net Zero (GFANZ) to help mobilize the flow of private capital for clean energy transition projects in emerging markets and developing countries.

“We have seen that it is possible to expand access to clean, affordable energy and reduce carbon emissions at the same time. We helped close more than two-thirds of coal plants in the United States and retire more than half in Europe,” he said.

“We need to make progress like this across the world. Doing so and overcoming the obstacles that impede investment requires the collaboration of governments, companies and philanthropic entities”, highlighted Bloomberg.

He also announced a broader commitment to eliminate coal in emerging economies, working side by side with governments of Brazil, Colombia and Mexico. Likewise, it will work directly with countries in other regions, including Egypt, Morocco, Nigeria, the Philippines, South Africa and Turkey.

“To reach zero emissions by mid-century, we need to mobilize a significant amount of private capital for clean energy and accelerated and responsible retirement from coal,” said Mark Carney, co-chair of GFANZ and UN special envoy for Action, Climate and Finance .

“This partnership – which combines the catalytic potential of philanthropy with the financial expertise and reach of GFANZ – can help unlock finance at the scale needed to support the energy transitions of emerging markets and developing economies,” he emphasized.

Data-driven planning and sound public policy are crucial to unlocking the potential of clean energy in the Global South. In 25 countries, including Mexico, Bloomberg Philanthropies will work with Sustainable Energy for All and other partners to support countries in developing energy transition plans to ensure universal access to zero-emission energy by 2030.

This work will focus on helping to seed the governance, data, and local infrastructure needed to pave the way for a clean energy future:

1. Work with national and local governments to help overcome policy barriers to early retirement of coal plants and accelerate the implementation of fair and equitable clean energy transition plans;
2. Increase training and technical development opportunities by working with local organizations, small businesses and universities;
   Access data on the clean energy transition to track progress, assess and plan for future growth.

Mary Schapiro, Vice President of GFANZ, added that they are committed to an economy-wide transition to net zero, supported by sectoral pathways and policies, countries and in supporting the phase-out of high-emission assets, including coal.