Michael Bloomberg, a U.S. billionaire and co-founder of Bloomberg LP, has announced a $242 million investment to speed up the clean energy transition in Africa and similar locations where power demand is anticipated to rise quickly and renewable energy capacity is plentiful.
The move, which is part of Bloomberg Philanthropies’ ongoing energy transition initiatives in seven countries and the EU, is in line with the first commitments made under COP26 in Glasgow, Scotland, to dramatically cut the capacity of coal plants around the world.
Bloomberg Philanthropies’ ongoing projects and programmes in Bangladesh, Brazil, Colombia, Kenya, Mozambique, Nigeria, Pakistan, South Africa, Turkey, and Vietnam are anticipated to benefit from the $242 million contributions.
More on Michael Bloomberg’s investment
The announcement was made by Micheal Bloomberg, who is also the UN’s special envoy for climate ambition and solutions.
This is in response to Antonio Guterres’ urgent appeal to speed up and scale up renewable energy while phasing out fossil fuel subsidies and coal-fired power.
“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,” Bloomberg 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.”
These ten countries all have booming economies and reducing reliance on coal and other fossil fuels requires the development of renewable energy.
They have almost 100MW of coal power plant capacity and more than 75GW of coal capacity under construction or planned, according to Climatescope data.
A variety of investments, alliances, and projects will be announced by Micheal Bloomberg in the upcoming months to help Africa achieve its potential to be a leader in the world’s energy transition. This is in addition to the $242 million injection.