Bloomberg Philanthropies Deepens Commitment to Moving the World Beyond Coal with Plan to Turbocharge Clean Energy Finance in Global South
CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All Damilola Ogunbiyi announces expanded partnership with Bloomberg Philanthropies to support developing countries across Africa, Asia, and Latin America to accelerate coal phaseout, develop viable pathways to net-zero, and speed deployment of clean energy
Bloomberg Philanthropies will also partner with the Glasgow Financial Alliance for Net Zero to mobilize finance for clean energy projects by supporting project preparation facilities
UN Special Envoy for Climate Action and Finance Mark Carney to serve as special advisor
Sharm El-Sheikh, Egypt– Today at COP27 Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions – alongside His Excellency Nana Akufo-Addo, President of the Republic of Ghana, Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, and Mark Carney, UN Special Envoy for Climate Action and Finance and Bloomberg Philanthropies Board Member – announced an expanded approach to help realize his longstanding mission to move the world beyond coal. Limiting global warming to 1.5°C will require a significant scale up of clean energy supply to enable the transition away from fossil fuels. Today’s announcement will support a two-pronged strategy from Bloomberg Philanthropies to help the world reduce political, technical, and financial barriers to the energy transition by:
- Advancing policy and expanding capacity: Working with national and local governments across the Global South to develop energy transition plans, implement the necessary public policies, and provide the skills and training to accelerate clean energy development and phase out fossil fuel use.
- Mobilizing capital for clean energy development: Partnering with the Glasgow Financial Alliance for Net Zero (GFANZ) to help mobilize the flow of private capital to clean energy transition projects in emerging markets and developing countries.
“We’ve seen that it’s possible to expand access to clean, affordable energy and cut carbon emissions at the same time,” said Michael R. Bloomberg, UN Secretary-General’s Special Envoy for Climate Ambition and Solutions and founder of Bloomberg Philanthropies. “We’ve helped to close more than two-thirds of coal plants in the U.S. and put more than half of Europe’s on track for retirement – and we need to make progress like that all around the world. Doing it – and overcoming the hurdles that stand in the way of investment – requires partnership across government, business, and philanthropy. It also requires technical assistance and economic and policy analysis – the side of energy development that doesn’t get a lot of attention but can mean the difference between investment in coal and clean power. That’s what we’ve been providing to a variety of countries around the world, and the expansion of our work in Africa, Asia, and Latin America will help more countries develop more clean power, faster.”
“In Ghana, we are committed to diversifying our energy portfolio and increasing our renewable energy generation. This commitment by Bloomberg Philanthropies will be critical to expanding our renewable energy efforts and ensuring that we can meet our clean energy goals,” said His Excellency Nana Akufo-Addo, President of the Republic of Ghana.
“Sustainable Energy for All has already partnered with the Government of Nigeria to develop an Energy Transition Plan that helped spur President Buhari at COP26 to announce the country’s commitment to net-zero by 2060. I’m excited that through this partnership with Bloomberg Philanthropies, we will build on this expertise to expand support to other developing countries as well,” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy. “In addition, SEforALL’s work along with other partners to scale a robust African carbon market will provide a further boost to unlock much-needed climate finance that will be transformative for the region.”
“To achieve net-zero emissions by mid-century, we need to mobilize significant private capital to clean energy and the responsible accelerated retirement of coal,” said Mark Carney, Co-chair of GFANZ and UN Special Envoy on Climate Action 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.”
Roughly 770 million people – primarily across Africa and Asia – lack access to electricity. As countries across the Global South develop and energy demand grows, ensuring that power needs are met by clean energy rather than fossil fuels will be crucial to meeting international climate goals. In most countries in Africa and Asia, coal – the most polluting form of fuel on Earth – is the dominant source of electricity generation, leading to poor outcomes for air quality, health, and climate and undermining the competitiveness of these economies. Anchored in Bloomberg Philanthropies’ ongoing clean energy programs in 32 countries and the EU, this expansion helps deliver on United Nations Secretary-General António Guterres’ call to secure clean energy access for all by 2030....