U.S. billionaire and Bloomberg LP Co-Founder Michael Bloomberg has announced a $242-million investment to accelerate the clean energy transition in Africa and other developing countries where power demand is expected to grow rapidly and renewable energy capacity is abundant.
The move, which is implemented as part of Bloomberg Philanthropies’ energy transition efforts already under way in seven countries and the EU, aligns with the first phase of commitments undertaken under COP26 in Glasgow, Scotland, to significantly reduce the world’s coal plant capacity.
“We’ve seen that it’s possible to increase access to affordable power, improve public health, and fight climate change all at the same time – and to make progress quickly in each area,” Bloombeg said. “We’ve already helped close more than two-thirds of U.S. coal plants, and more than half of Europe’s, faster than almost anyone thought was possible, while also reaping economic benefits.”
The announcement by Bloomberg, who is also the UN special envoy for climate ambition and solutions, was made following UN Secretary-General Antonio Guterres’ urgent call to accelerate and scale up renewable energy and phase out coal-fired power and fossil fuel subsidies.
The $242-million investment is expected to supplement existing projects and programs that Bloomberg Philanthropies is developing in Bangladesh, Brazil, Colombia, Kenya, Mozambique, Nigeria, Pakistan, South Africa, Turkey and Vietnam.
These 10 countries are thriving economies where developing renewable energy is critical to halting the rush to coal and other fossil fuels.
According to Climatescope data, these countries account for almost 100MW of coal power plant capacity and have more than 75GW of coal capacity under construction or planned.
In addition to the $242-million injection, Bloomberg Philanthropies will announce a series of investments, partnerships and initiatives in the coming months to help Africa realize its potential to lead the global energy transition.
