Dealflow | May 18, 2022

Bloomberg Philanthropies commits $242 million for clean energy in developing countries

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 18 — With $164 million in commitments, Michael Bloomberg’s foundation says it has helped close down more than two-thirds of coal plants in the U.S., and half of Europe’s since 2011. New York’s former mayor is U.N. Secretary-General António Guterres’ special envoy for climate ambitions and solutions.

Bloomberg is looking to expand the program, “especially in developing countries that have contributed the least to the climate crisis but are facing the most severe effects.”

The philanthropic commitment will support clean energy efforts in Bangladesh, Brazil, Colombia, Kenya, Mozambique, Nigeria, Pakistan, South Africa, Turkey and Vietnam. Bloomberg will work with ClimateWorks Foundation and Sustainable Energy for All to expand renewable energy capacity and access and phase out coal.

COP in November

“The addiction to fossil fuels must end, starting with coal, and we must leave no one behind,” Guterres said last month (see, “Calling ‘BS’ on climate double-speak”).

Bloomberg is hoping to spur meaningful climate action six months ahead of COP27 in Egypt in November. Bloomberg Philanthropies launched NetZero Pathfinders to provide strategic climate support for governments in Africa.