Countdown to COP27
Sharm El-Sheikh, Egypt
November 6 – 18, 2022
Days Until COP27:
Designed to turbocharge climate progress from public, private, and civil society actors around the world, Bloomberg L.P. and Bloomberg Philanthropies unveiled dozens of climate actions through investments, partnerships, and capacity-building and educational efforts during the 45-day Countdown to COP27.
Launched by Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, the Bloomberg Countdown to COP27 below is a series of initiatives and commitments aimed at delivering on UN Secretary-General António Guterres’ call for urgent, collective climate action leading into this year’s UN Climate Change Conference in Sharm El-Sheikh, Egypt. The Countdown enhances awareness of key climate change challenges that will be addressed by the COP27 Presidency.
At COP27, Bloomberg Philanthropies and Bloomberg LP are also taking action, working with partners to accelerate the clean energy transition, inspire local climate action, protect the ocean, clean the air, and mobilize climate finance: Bloomberg at COP27
THE ENERGY AND RESOURCES INSTITUTE RELEASED COP27 POLICY BRIEF:
Bloomberg Philanthropies’ partner, The Energy and Resources Institute (TERI), released their policy brief titled ‘COP27 Road to Sharm-el-Sheikh: Towards Equity and Climate Justice.’ The brief focuses on building a narrative about action towards adaptation, loss and damage and climate finance while centering concerns and perspectives of the Global South. It recommends that a principle-based approach rooted in equity, climate justice, and principles of the United Nations Framework Convention on Climate Change is needed at COP27. Consensus building in G20 countries and gender equity in policy across the energy intensive sectors of agriculture, MSMEs, and transport are highlighted in the report as pathways to an equitable and just energy transition. Read the policy brief here.
BLOOMBERG INTELLIGENCE FOUND THAT POSITIVE CARBON SCORES YIELDED IMPROVED INVESTMENT SCENARIOS FOR COMPANIES OVER TIME:
Bloomberg Intelligence revealed that companies in the top quartile of their BI Carbon Scores are more likely to attract capital from ESG investors and benefit from further investment as those funds grow. Companies in the BI Carbon Leaders portfolio have the greatest share of inclusion at a median of 24% — meaning almost one in every four funds owning the stock is an ESG fund. This shows that climate ambition is being recognized in stock selection and may attract more interest as ESG investing accelerates. Such trends in climate finances bode well for the world’s path to a clean energy economy. Read more here.
BLOOMBERG LP RELEASED NEW TEMPERATURE RISE METRICS:
Bloomberg LP announced new Implied Temperature Rise Metrics to help investors determine how companies and portfolios align with climate risk goals, such as the Paris Agreement’s objective to limit global warming to 1.5°C. The Metrics are based on a methodology recommended by the Science-Based Targets Initiative, which provides a science-based framework to assess how the projected emissions of a company translate into an implied temperature rise. This data is a critical tool for boosting transparency and assessing that financial portfolios are in sync with climate action outcomes and commitments. Olivier Wibo CFA, Product manager for Sustainable Finance Solutions at Bloomberg, said: “As the financial community seeks to manage the transition to net zero, Implied Temperature Rise Metrics help investors understand and compare how companies are meeting their carbon emission goals.” Read more here.
BLOOMBERG INTELLIGENCE FOUND THAT CHINA’S COAL EXPANSION COULD THWART PLANS FOR NET-ZERO BY 2060:
Bloomberg Intelligence reported that China’s plans for expansion of coal-fired power plants and new proposed coal mines could hurt the country’s chances of reaching its 2060 net-zero goal. China’s proposed new coal mines could release as much as 576 million tons of carbon emissions, which would exceed the total potential release from the rest of the world. China’s overall operating coal-fired capacity accounted for about 51% of the world’s total, with no public plans to close its plants. Conversely, the decommissioning of coal in the EU and US is proceeding and coal-fired capacity plateaued as of 2021, getting those countries closer to securing their net-zero futures. Learn more here.
USC ANNENBERG LAUNCHED A FIRST-OF-ITS-KIND CENTER FOR CLIMATE JOURNALISM AND COMMUNICATION:
With the support of Bloomberg Philanthropies, USC Annenberg has launched the Center for Climate Journalism and Communication to help empower professionals across media, public relations, and strategic and corporate communications to be climate storytellers. The Center will foster a deeper understanding of the consequences of climate change and provide critical training on climate science, how to communicate its effects, and how to support action that preserves the health of the planet and its inhabitants. In collaboration with ABC Owned Television Stations, the Center’s first climate training program for news organizations begins this month. During the program, journalists will learn from experts in big data processing, ethical image selection, decision science and climate resilience while also producing a data report outlining climate impacts in their regions and curating stories about local communities. Read more about the exciting new program here!
Bloomberg Philanthropies CEO Patti Harris tweeted:
BLOOMBERG LP LAUNCHED NEW GREEN BOND INDICES TO SUPPORT SUSTAINABLE INVESTMENT:
Bloomberg LP announced the launch of the Bloomberg Global Aggregate Green, Social, Sustainability Bond Indices, further growing its offering of leading fixed income ESG indices. The indices utilize the flagship Bloomberg Global Aggregate Index, the Bloomberg Sustainable Finance Group’s green, social and sustainability bond indicators, and fields that show alignment with the International Capital Market Association Green Bond, Social Bond and Sustainability Bond Principles and Guidelines. The indices were launched with datasets from Bloomberg’s ESG data team to ensure Bloomberg Terminal clients will benefit from transparency of underlying bonds, alignment with UN Sustainable Development Goals, and integration into portfolio management workflows. Jonathan Gardiner, Sustainable Indices Product Manager, Bloomberg Indices, said the system will “deliver a diverse set of indices to meet the varied needs of the investment community exploring this growing market.” Read more here.
BNEF FACTBOOK FOUND 16% INCREASE IN FOSSIL FUEL BACKING BY G20 COUNTRIES IN 2021:
A BloombergNEF and Bloomberg Philanthropies report revealed G-20 member countries provided $693 billion in fossil-fuel support in 2021, thereby slowing down progress on reaching the goals of the Paris Agreement. The support for coal, oil, gas and fossil-fuel power in 2021 was up a reported 16% from the year before. The Climate Policy Factbook evaluated the progress made by each G-20 nation in three concrete policy areas: phasing out support for fossil fuels, putting a price on emissions, and enforcing climate-risk disclosure. The report aims to increase transparency and inform policy priorities ahead of the G-20 Summit in Indonesia and COP27 in Egypt, where much of the discussion will focus on how to realize the many pledges and targets announced at previous COPs. Read more here and download the Factbook here.
BLOOMBERG PHILANTHROPIES CONVENED EXPERTS ON LOCAL OPPORTUNITIES FOR INFLATION REDUCTION ACT FUNDED CLIMATE ACTION:
The passage of the historic Inflation Reduction Act (IRA) has rapidly changed the landscape of opportunities and challenges in cities battling climate change. Bloomberg Philanthropies convened leading expert partners to create a shared understanding of how cities can best catalyze IRA funds to build toward an energy secure and resilient future. The session was informed by the findings of Climate Mayors and C40 Cities’ collaborative guide “Climate Action and the Inflation Reduction Act: A Guide for Local Government Leaders.”
GFANZ UPDATED FINAL FRAMEWORK FOR NET-ZERO TRANSITION PLANNING & MORE:
Several exciting updates from GFANZ! First, GFANZ took a pan-sector approach to green transition with its newly released Financial Institution Net-zero Transition Plan that outlines how to develop a plan to turn net-zero commitments into action through strategic goals, implementation actions, and accountability mechanisms. To support these plans, GFANZ also released guidance on measuring portfolio alignment to ensure financial institutions can capture how well-aligned their investment, lending, and underwriting activities are with their net-zero goals. Additionally, they issued a new Call to Action for G20 governments to close the gap between their climate commitments and policies. Finally, GFANZ also released a new report to help mobilize capital in emerging markets and developing economies (EMDEs) to support their net-zero transitions, making clear that global efforts must be considerably strengthened including by developing high-integrity carbon markets. Learn more about all new announcements here.
BEYOND COAL RETIRED COAL PLANT #363 IN PETERSBURG INDIANA:
Supported by Bloomberg Philanthropies, Sierra Club’s Beyond Coal Campaign announced the retirement of the AES Indiana Petersburg coal plant (2,147 MW) – the 363rd plant retirement announced since 2010. This was a historic closure for Beyond Coal and Indiana since Petersburg, located in Southwest Indiana, is one of 22 Super Polluter coal plants that release enormous amounts of toxic pollution and greenhouse gasses. Last year, the plant released 9 million tons of carbon dioxide and won the title of “Worst Water Polluter” from the Indianapolis Star. Wendy Bredhold, Beyond Coal Campaign Indiana Senior Campaign Representative says, “I am celebrating the fact that my friends and family – many of whom suffer with asthma and other health impacts from coal plants – will be breathing easier here by 2025.” Through engagement with the Mayor’s Office of Sustainability, Beyond Coal continues to support Indiana in its movement toward clean energy and the goal of being powered by 100% renewable energy by 2050. Read more about the Beyond Coal Campaign here.
BLOOMBERG CORPORATE PHILANTHROPY RELEASED DETAILS ON COP27 PARTNERSHIPS:
To complement the official negotiations and actions at this year’s COP27 in Sharm El-Sheikh, Bloomberg will build on the approach taken last year at COP26 in Glasgow by engaging our long-term partners in the region and mobilizing our employees to inspire climate action on the ground. Through innovative arts and youth focused education programs, our COP27 partnerships aim to raise awareness of climate issues and encourage community engagement now and into the future. This year, Bloomberg’s artistic partnerships will bring to COP27 the work of South African artist Mbongeni Buthelezi, whose art draws attention to the marine destruction caused by the widespread use of single-use plastic, and support Forever Is Now II, a large-scale, site-specific installation from twelve artists that connects today’s environmental issues to Egyptian heritage. To help foster the next generation of climate leadership, we’re partnering with the non-profit Children’s Radio Foundation to train and mentor six young people on climate reporting and give them the opportunity to report on COP27, and supporting a pan-African delegation of students at COP27’s Climate Change Conference on Youth (COY17) through African Leadership Academy (ALA). Ultimately, we hope to help foster the next generation of climate leadership through educational programming, grants, and creative initiatives. Read more here.
CLIMATE MAYORS AND C40 CITIES LAUNCHED THE INFLATION REDUCTION ACT GUIDEBOOK FOR MAYORS AND CITY STAFF:
Supported by Bloomberg Philanthropies, Climate Mayors and C40 Cities released their collaborative guide “Climate Action and the Inflation Reduction Act: A Guide for Local Government Leaders”. Alongside local governments, organizations, and businesses, U.S. mayors and city staff have a unique opportunity to lead the implementation of the Inflation Reduction Act to address the climate crisis. The guidebook emphasizes the key roles local governments must play in order to maximize benefits for communities and ensure funds go to those who need access to incentives and tax credits the most. It highlights where funding could flow directly to cities and where cities will need to collaborate with other community entities to deploy funding in a way that accelerates climate action, equity, and economic prosperity. Read more about this historic climate funding implementation here.
THE ELECTRIFICATION COALITION RELEASED THE U.S. VIRGIN ISLANDS TRANSPORTATION ELECTRIFICATION ROADMAP:
With support from Bloomberg Philanthropies and the Secunda Family Foundation, the Electrification Coalition released the U.S. Virgin Islands Transportation Electrification Roadmap. The Roadmap – created in partnership with the Electrification Coalition, Bloomberg Associates, and Love City Strong – assesses the price of electricity and varying gasoline prices across the territory and found that, on average, USVI residents can save significantly on fuel costs by switching to an electric vehicle. Additionally, EVs can save drivers almost 50% over the life of the vehicle compared to a gas vehicle. Transitioning USVI’s transportation sector to EVs will reduce the territory’s dependence on imported transportation fuel, thereby strengthening the local economy and reducing emissions simultaneously. Read more here.
BLOOMBERG INTELLIGENCE’S CARBON SCORE REPORT REVEALED TOP 4 BANKS LEADING IN EMISSIONS REDUCTIONS:
BI’s Carbon Score report revealed both industry leaders in banking and gaps in transparency and emissions reporting. Of the 54 global banks analyzed as part of Bloomberg Intelligence’s (BI) Carbon Score, Danske Bank, Barclays, Nordea, and Citigroup are leading, indicating the best combination of both current and forecasted performance on financed CO2 emissions. Yet there is still some work to do. Eric Kane, Director of ESG Research, Americas at Bloomberg Intelligence, said: “Based on our analysis of more than 50 top global lenders, roughly 60% are yet to report any absolute financed emissions data. In short, banks’ disclosure is yet to match their carbon ambitions.” However, some lenders are putting their money where their mouth is because based on Bloomberg’s data for the top 54 global lenders, loans to coal companies have decreased by more than 90% to roughly $215 million from 2019-2022. Read more here and check out the executive summary of the report here.
THE CLEAN AIR FUND AND HEALTH EFFECTS INSTITUTE RELEASED TWO REPORTS ON AIR QUALITY IN AFRICA:
Today, two Bloomberg Philanthropies partners — the Clean Air Fund and Health Effects Institute (HEI) – each released reports about air quality in Africa. The HEI’s report, The State of Air Quality and Health Impacts in Africa, found that air pollution is the second leading risk factor for death across Africa, which is home to five of the top ten most heavily polluted countries worldwide. It also cited that household air pollution is especially dangerous for newborns and infants and can lead to long term health impacts or even death. The Clean Air Fund’s report, From Pollution to Solution in Africa’s Cities, focused on solutions to pervasive air pollution. It revealed how air pollution impacts Africa’s fastest growing cities, Lagos, Cairo, Johannesburg and Accra, as well as how under an ambitious climate action scenario, conditions can significantly be improved. If these cities implement clean air technology such as upgraded public transport, cleaner cookstoves, and greener industrial technology and energy as they grow, they could save 125,000 lives, unlock $20 billion and cut greenhouse gas emissions by 20%. Cities in Africa are poised for rapid urbanization and population growth, but with appropriate climate action, improved public health can be achieved on the path to sustainable development and a net-zero future. Read more here.
BLOOMBERG’S 2022 POWER OF DIFFERENCE SUMMIT IN NYC SPOTLIGHTED CLIMATE JUSTICE:
The 2022 Power of Difference Summit, held in partnership with Bloomberg Philanthropies’ Greenwood Initiative, focused on equitable climate approaches that improve the well-being of overburdened and underinvested Black communities. Data shows that Black residents of these communities continue to disproportionately experience the impacts of environmental and systemic injustices, which undermines their ability to live healthy & safe lives and fully participate in the economy. This year’s Summit featured an introduction from Mike and a range of speakers from across Bloomberg LP, Bloomberg Philanthropies, and other critical partner organizations who discussed topics including: how cities and communities are leading the way; chronic illness and public health; how are artists using their craft to advance racial equity in climate justice; The Black Wealth Data Center; and systemic underinvestment in Black communities. View the full schedule here.
IESR AND THE INTERNATIONAL SOLAR ALLIANCE ADVANCED COMMITMENT TO SOLAR ENERGY IN INDONESIA:
Supported by Bloomberg Philanthropies, the Institute for Essential Services Reform (IESR), launched Indonesia Solar Energy Outlook 2023 – a special report to support Indonesia’s clean energy transition goals. The report provides an update on the progress of solar PV as the primary energy source in Indonesia’s energy transition, as well as its challenges and market opportunities. Alongside the report launch, IESR and the International Solar Alliance, another Bloomberg Philanthropies partner, announced their cooperation to enhance solar energy development, mobilize financing, and grow the solar industry in Indonesia. Read more here.
BLOOMBERG GREEN DOCS ANNOUNCED THIS YEAR’S WINNER AT THE GREEN DOCS FILM FESTIVAL IN LOS ANGELES:
Bloomberg Green Docs, a competition where filmmakers submit their short documentaries on climate, announced this year’s winner: “On a Wing and a Prayer,” by Nadia and Dominic Gill. Their short highlights the restoration efforts of Louisiana wetlands with dynamic camera work and high-art aerial photographs, and recounts how fossil fuel extraction in the region exacerbates coastal erosion. As exceptional documentarians and activists, Nadia and Dominic won the Bloomberg Green Docs grand prize of $25,000. Congratulations, Nadia and Dom! Read more here and watch the documentary here.
THE GLASGOW FINANCIAL ALLIANCE FOR NET ZERO RELEASED ITS ANNUAL PROGRESS REPORT:
GFANZ released its annual Progress Report and broadened its Principals Group to strengthen regional engagement, implementation and collaboration with the United Nations (UN). The report details the progress made by the Alliance since its creation in April of 2021. Since GFANZ was launched, membership has grown from 160 to 550 financial institutions and momentum continues to build with over 250 targets already set and more to come. Additionally, the expansion of the Principals Group will help ensure GFANZ’s recommendations reflect regional contexts, and the supervisory, regulatory and legal obligations that are unique to the financial sector as they continue to support net-zero implementation. Read more here.
BLOOMBERG LP ASSESSED HOW INVESTORS CAN MITIGATE FINANCIAL CLIMATE RISKS:
In The Sunday Tiimes, Edo Schets, product manager for climate finance solutions at Bloomberg LP discussed how investors can assess risk when it comes to ESG, along with a Bloomberg survey that revealed 85% of executives said they have started assessing climate risk but taking positions can seem as much fortune telling as data modelling. Read the Q&A covering the survey here.
BLOOMBERG INTELLIGENCE PROVIDED INSIGHT INTO NEW EU TRANSNATIONAL CARBON TAX:
Bloomberg Intelligence (BI) published an analysis on the first-ever transnational carbon tax – the Carbon Border Adjustment Mechanism (CBAM) – which charges European Union companies for the emissions embedded in the products they import. The CBAM could increase the cost of imports from 1-19%, depending on embedded carbon emissions in the sectors of: cement, fertilizers, iron and steel, aluminum, hydrogen and ammonia, plastics, chemicals, and electricity. BI’s analysis found that importers could be responsible for more than €33 billion a year for their carbon intensive products. This EU mechanism is in its final stages of adoption, while the US proposal remains in flux. This mechanism could prompt non-EU companies to reduce emissions of their products to remain competitive and avoid hefty taxes, reshaping global supply chains to become more aligned with a net-zero economy. Read the analysis here.
LOCAL INFRASTRUCTURE HUB CONVENED MAYORS TO DISCUSS HOW TO ACCESS U.S. DOT’S SMART GRANTS:
To help cities draw down federal funding through the Bipartisan Infrastructure Law, the Local Infrastructure Hub – supported by Bloomberg Philanthropies – is hosting a series of discussions on federal grant opportunities. Convening local leaders, federal government officials, and experts, the Hub hosted a discussion on how cities can develop competitive applications for DOT’s historic Strengthening Mobility and Revolutionizing Transportation (SMART) grant program, designed to help communities leverage advanced smart city technologies to improve transportation efficiency and safety while advancing climate action and environmental justice. Dr. Robert Hampshire and Ben Levine of the U.S. DOT were joined by Mayors Eric Garcetti of Los Angeles, Erin Mendenhall of Salt Lake City, and Travis Stovall of Gresham, OR, who spoke about their cities’ approaches to adapting smart tech in transportation planning. Learn more about how cities can develop competitive applications on the Hub.
CLIMATE INNOVATION FUND SUPPORTED BY BLOOMBERG PHILANTHROPIES AND GOLDMAN SACHS HELPED LAND A $135M GREEN FINANCING DEAL IN VIETNAM FOR EV EXPANSION:
The Bloomberg Philanthropies and Goldman Sachs-funded Climate Innovation and Development Fund supported the launch of a new green financing deal in Vietnam to further the country’s efforts to achieve net zero. Through this support, the Asian Development Bank (ADB) mobilized $135 million in financing for VinFast Trading and Production Joint Stock Company (VinFast) for manufacturing Vietnam’s first fully electric public transport bus fleet and first national electric vehicle (EV) charging network. This project will help grow the country’s high-tech manufacturing industries, deliver high-impact, sustainable transport solutions, and support Vietnam’s efforts to achieve net-zero emissions. Read more about the groundbreaking deal here.
BLOOMBERG LP INCREASED CARBON EMISSIONS DATA TO COVER 100,000 COMPANIES WITH NEWLY DEVELOPED MODEL:
As demand grows for reliable and comprehensive carbon data, Bloomberg has increased its carbon emissions dataset to cover more than 100,000 companies. This dataset consists of company reported data and estimates carbon emissions based on either a machine-learning smart model or Bloomberg LP’s newly developed industry-implied model. The new method and data set provides a more complete picture of how many greenhouse gasses are being emitted by corporations. LP’s carbon emissions data is an incredible tool that will help investors integrate ESG throughout the full investment process and also provides more transparency and accountability around a company’s climate impact. Read more about our revolutionary data gathering techniques here.
BLOOMBERG’S BEES POLLINATED THE URBAN FLORA TO IMPROVE URBAN SUSTAINABILITY:
Bloomberg LP’s offices are supporting city sustainability with an urban beekeeping program! Bloomberg LP offices in NYC, Princeton, and London have beehives to help provide ecological benefits to local flora and fauna while inspiring connections with nature. Watch this video featuring our NYC beekeeper, Madeline Zeif from Alvéole, to learn more about our beekeeping program and why this is an important sustainability initiative. Read more here.
BLOOMBERG CONTINUES TO LEAVE A LASTING IMPACT FROM COP26:
As we countdown to Sharm, Bloomberg and Bloomberg Philanthropies reflected on the lasting legacy of COP26 in Glasgow through a new blog post that looked back on our partnerships with the cities of Glasgow and London on climate action projects designed to extend the impact of COP26 beyond the two-week conference. For example, Bloomberg partnered with Glasgow City Council and artist Gabriella Marcella to create an Asphalt Art installation at the entrance of Anderston Station, transforming and revitalizing a public space through the power of art. Another powerful example of this approach to public engagement in climate action was the launch of Create4Glasgow, which engaged young people through a series of workshops with local artists to raise awareness and inspire change. Learn more here.
BLOOMBERG LAUNCHED ITS NEW COUNTDOWN TO COP VIDEO SERIES:
With just two weeks until COP27, Bloomberg kicked off a new video series showcasing what to look out for at this year’s UN Climate Conference. The first episode features Bloomberg Philanthropies’ Ailun Yang and explores who’s expected to attend COP27, the significance of holding the gathering in Egypt, and how this year’s COP is different from last year’s. Watch the video here.
FORUM ENERGII AND BNEF GATHERED KEY STAKEHOLDERS IN ŁÓDŹ TO EXPLORE POLAND’S PATH TO A CLEAN ENERGY FUTURE:
Supported by Bloomberg Philanthropies, Forum Energii and BloombergNEF convened leading voices in the city of Łódź, where the Belchatow plant is located. The Belchatow power station today plays a vital role in the central European energy grid and is the sixth largest coal-fired power plant on Earth. The event brought together key stakeholders including local and regional authorities and PGE – the owner of the plant – to discuss transition possibilities as the region prepares for the Belchatow plant to close by 2036. Concrete plans to prepare for Belchatow’s retirement and accelerate the deployment of new low-carbon capacity could open the door for the plant to benefit from Just Transition funding from the EU, which could help the Łódź region with targeted reskilling efforts and new economic development opportunities, and reduce the impact of lost jobs once lignite mining and generation drops. Read more here.
BNEF & FORUM ENERGII RELEASED A TRANSITION PLAN FOR EUROPE’S BIGGEST COAL PLANT:
Bloomberg Philanthropies, Forum Energii, and BloombergNEF released a new report outlining a transition plan for Europe’s largest coal-fired power plant, located in Belchatow, Poland. Local lignite (a type of coal) resources in Belchatow are likely to run out latest by 2036, which would force the plant to shut. “As the effects of climate change worsen, Europe’s energy crisis and Russia’s invasion of Ukraine only underscore countries’ urgent need to choose clean energy and cut their reliance on fossil fuels,” said Mike Bloomberg. “This new report shows a promising path to replacing Europe’s biggest coal-fired power plant with alternative and resilient clean energy sources – and it can serve as an example for coal regions in Europe and globally that are looking to reap the health and economic benefits of clean energy.” Read the BNEF article here.
ANTHA, MAYORS, AND EXPERTS EXPLORED THE LINK BETWEEN AIR QUALITY, CLIMATE, AND PUBLIC HEALTH AT THE C40 CITIES SUMMIT:
Antha Williams, who leads the environment program at Bloomberg Philanthropies, led a robust discussion examining the inextricable link between human health and the environment with experts and leading voices from around the world, including Mayor of Warsaw Rafał Trzaskowski; Martina Otto, Head of Secretariat, Climate and Clean Air Coalition, UN Environment Programme; Daniel Quintero Calle, Mayor of Medellín; and Gopal Rai, Minister for Environment, Forest & Wildlife, Development and General Administration of Delhi. The session also featured Mayor of Paris Anne Hidalgo, Mayor of Shenzhen Qin Weizhong, and Mayor of NYC Eric Adams, who spoke about the roles of 15-minute cities, green transportation and sustainable food systems. Check out the summit agenda here and key quotes in this Twitter thread.
Kelly Shultz from Bloomberg Philanthropies’ Environment Team tweeted:
10 CITIES AROUND THE WORLD WERE RECOGNIZED FOR THEIR AMBITIOUS PROJECTS TO COMBAT THE CLIMATE CRISIS:
C40 Cities and Bloomberg Philanthropies announced the 10 winners of the 2022 C40 Cities Bloomberg Philanthropies Awards at the C40 World Mayors Summit in Buenos Aires, Argentina. 70 cities competed for this year’s prestigious awards, which celebrate groundbreaking climate projects led by cities across the globe. This year’s winners: Addis Ababa, Ethiopia; Amsterdam Netherlands; Beijing, China; Pune, India; Dhaka North, Bangladesh; Metropolitan Area of Guadalajara, Mexico; Freetown, Sierra Leone; São Paulo, Brazil; Seattle, USA; and Tokyo, Japan. Read more about each of the winning city projects here.
WRI INDIA ACCELERATED CLEAN ENERGY AT FLAGSHIP EVENT IN NEW DELHI:
Supported by Bloomberg Philanthropies, World Resources Institute India (WRI India) organized its flagship annual event – Accelerating Clean Energy (ACE). Topics including energy transition, energy access and the scalability and affordability of renewable energy were discussed with over 200 attendees. Individual panels drilled down on key energy factors in India such as offshore wind, electric vehicles, data sharing, decarbonization of heavy industries, and more. Through interactive sessions with policy makers, government representatives, clean energy experts, and private sector leaders, speakers and guests were able to workshop pathways to decarbonization, clean energy transition financing and a net-zero future for cities. Learn more about how WRI India and BP are working to avoid energy poverty by accelerating non-fossil fuel-based energy globally here and watch the livestream here.
BLOOMBERG WON 2022 BEST OVERALL ESG DATA PROVIDER AWARD:
Bloomberg has won Best Overall ESG Data Provider at A-Team Group’s ESG Insight Awards 2022! The ESG Insight Awards celebrate innovations that help support ESG investing decision making. “Bloomberg provides a variety of ESG datasets carefully designed to meet client needs whether that is integrating ESG as a new investment strategy, complying with regulations, or managing risk. Bloomberg works hard to provide our customers with comprehensive data to inform their sustainable investing agendas,” said Brad Foster, Head of Enterprise Data Content at Bloomberg. Read more about the big win here.
BNEF REPORTED GLOBAL CARBON CAPTURE CAPACITY IS EXPECTED TO SKYROCKET BY 2030:
BloombergNEF’s new 2022 CCUS Market Outlook reported that over $3 billion has been invested in carbon capture technology in 2022 so far and carbon capture capacity is projected to increase 6-fold by 2030 if all the projects that have been announced come online. Carbon capture, utilization, and storage (CCUS) is a key technology needed to decarbonize the economy. Read more here.
BLOOMBERG EXPLORED THE PROGRESS BEING MADE ON CLIMATE JUSTICE AT THE BLOOMBERG EQUALITY SUMMIT IN LONDON:
Bloomberg convened business leaders, policy makers and innovators at the Bloomberg Equality Summit in London to task them with creating a blueprint for a future based on equitable prosperity. The Summit included a Climate Justice panel discussion moderated by John Fraher, Senior Executive Editor for ESG & Energy at Bloomberg, which yielded the consensus that developed nations must do more to support climate justice in developing nations, especially in the face of a lingering pandemic, economic recession, and a fossil fuel laden war in Ukraine. Learn more about the Summit here and check out clips and excerpts here.
BLOOMBERG GREEN ANNOUNCED THE FINALISTS FOR ITS INAUGURAL SHORT FILM COMPETITION:
The Bloomberg Green Docs contest honors short films addressing the urgency of climate change. The five finalists were chosen by a jury for their exceptional work on short documentary films covering nature, climate change, the outdoors, or the environment. The winner will be announced on October 26th at the Green Docs Film Festival in Los Angeles and will be awarded a $25,000 grand prize! Check out the finalists here and for anyone traveling to Los Angeles, register to attend the film festival here.
AIRPARIF LAUNCHED A CHALLENGE TO BOOST INNOVATION AND TECHNOLOGICAL BREAKTHROUGHS FOR AIR QUALITY MICROSENSORS:
With the support of Bloomberg Philanthropies, Airparif and AIRLAB opened applications for the 2023 AIRLAB Microsensors Challenge. Organized with the support of partners including Clean Air Fund, French Development Agency (AFD), French Ecological Transition Agency (ADEME), and the French Embassy in Thailand, the Challenge will help provide a robust and independent evaluation of air microsensor technology and study air quality under various environmental conditions in France and Thailand. With indoor and outdoor air pollution causing 7 million premature deaths each year, finding ways to develop environmental technologies that help improve air pollution monitoring, data collection and innovative breakthroughs is a critical component of Bloomberg Philanthropies’ ongoing mission to improve air quality around the world. Learn more here.
THE JAPAN CLIMATE ACTION SUMMIT ACCELERATED ENERGY SECURITY AND THE GREEN ENERGY TRANSITION:
Supported by Bloomberg Philanthropies, the Japan Climate Initiative (JCI) held the Japan Climate Action Summit (JCAS) today, which focused on the themes of information disclosure, buildings decarbonization and transport decarbonization. The Summit was built upon a climate-centric community statement released by JCI earlier this year, which focused on sharing how Japan’s non-state actors are accelerating their actions toward clean energy transformation and energy security as a means of tackling climate change. JCI – a coalition of progressive businesses, local governments, and civil society organizations – used this summit to build momentum for climate change action among non-governmental actors in Japan ahead of COP27 in November. Learn more about the speakers and program here.
THE CITY OF PARIS RALLIED FOR CLEAN AIR:
Airparif and the city of Paris, in partnership with Bloomberg Philanthropies, launched the Paris prend l’air (Paris Takes the Air) initiative on National Air Quality Day. The initiative will engage Parisian parents and children through educational workshops to raise awareness of the dangers of city air pollution and its linkages to climate change and public health. Several high-level officials were in attendance at the launch, including Dan Lert, deputy mayor of Paris in charge of climate plans, water and energy; Anne Souyris, deputy mayor in charge of public health, environmental health, the fight against pollution and risk reduction; and Annya Schneider from Bloomberg Philanthropies’ Environment Team. Learn more about how our Parisian partners are rallying for change here.
BNEF LAUNCHED ITS 2023 PIONEERS COMPETITION:
BloombergNEF kicked off its 2023 search for the world’s best climate-tech innovations with the potential to accelerate global decarbonization. The competition focuses on three specific challenges in the transition to a net-zero world. This year, BNEF is looking for game-changing technologies across hydrogen, metals and materials, and food production. With a decade under its belt, the competition has already recognized 129 innovative companies leading the fight against climate change and bringing a clean, green and viable future closer within our reach. Read more here and applications can be submitted here!
CDP REPORT REVEALED 70% OF CITY RESIDENTS FACE CLIMATE HAZARDS:
Bloomberg partner CDP released a new report, Protecting People and the Planet, that highlights the climate-related hazards faced by cities and the urgent need to put people at the heart of city climate action. Among the report’s findings: In 2022, 80% of cities reported facing significant climate hazards, such as extreme heat, heavy rainfall, drought and urban flooding, and for about one-third of cities, these climate hazards negatively impact 70% of their population. Read more here.
TCFD RELEASED ITS ANNUAL REPORT, SHOWING STEADY INCREASE IN THE NUMBER OF COMPANIES DISCLOSING TCFD-ALIGNED INFORMATION:
The Task Force on Climate-related Financial Disclosures (TCFD), chaired by Mike, published its 2022 status report, which reviewed publicly available reports of over 1,400 companies from eight industries and five regions to better understand current climate-related financial disclosure practices. As of today, over 3,900 organizations have now pledged their support for the TCFD, with supporters spanning 101 countries and jurisdictions and covering nearly all sectors of the economy, with a combined market capitalization of $26 trillion. The TCFD has also garnered support from the world’s largest public companies. Of the 100 largest public companies, 92 either support the TCFD, report in line with the TCFD recommendations, or both – up from 83 last year.
“These findings demonstrate that the TCFD framework has become essential in guiding companies as they analyze how climate risks and opportunities impact their financial position,” said Mary Schapiro, Head of the TCFD Secretariat and Vice Chair for Global Public Policy at Bloomberg L.P. “While we are proud of the progress we’ve seen since 2017 in company disclosures, and in adoption of TCFD by governments, standard setters and regulators, these findings make it clear there is more work to be done to improve transparency as companies and investors assess their risks through the lens of climate change.”
Read more here.
BLOOMBERG LP SUPPORTED REPORT ON MAKING THE EU TAXONOMY FOR SUSTAINABLE ACTIVITIES WORK IN PRACTICE:
Bloomberg LP’s Nadia Humphreys, co-rapporteur on the Platform for Sustainable Finance of the European Commission, presented a report from the “Data and Usability” subgroup at an event organized by the Commission on October 11th. The report looks back at the first phase of the implementation of the EU Taxonomy and provides recommendations to enhance its usability and improve the coherence of EU ESG regulations. The findings were summarized in a blog available here.
THE ENERGY AND RESOURCE INSTITUTE HOSTED NATIONAL CONFERENCE ON COP27 COMPASS:
Bloomberg Philanthropies partner The Energy and Resource Institute (TERI) virtually hosted their National Conference on COP27 Compass – Road to Sharm El-Sheikh: Towards Equitable and Collective Climate Action today. The conference, with over 250 people in attendance including experts and representatives from national and international technical institutions, research organizations, civil society and think tanks, served to disseminate the messages from COP27 policy briefs and facilitate discussions aimed at raising ambition at the national and global level ahead of COP27 from the perspective of the Global South. Learn more about the conference and speakers here.
BLOOMBERG INTELLIGENCE RELEASED ANALYSIS OF ITS NEW CARBON STOCK PORTFOLIO:
An analysis by Bloomberg Intelligence (BI) revealed that their new carbon stock portfolio may help to limit drawdowns while providing exposure to companies leading decarbonization in their sectors. The Carbon stock portfolio aims to hold long positions in companies with the most ambitious carbon-reduction goals, stocks which also tend to be highly profitable. The strong presence of quality stocks such as Tesla and TotalEnergies with high carbon scores suggests that it’s compatible to pursue both climate and financial goals across sectors. Read more here.
BNEF FORECASTED 15X GROWTH IN GLOBAL ENERGY STORAGE BY 2030:
BloombergNEF (BNEF) report showed that the world’s energy storage capacity will increase by 384 gigawatts by 2030. Part of the expected 15-fold increase can be attributed to policy developments, including the historic Inflation Reduction Act, which provided immense funding to wind, solar and storage tax credits. Increased energy storage capacity – especially for renewables – signals proof-positive of a reliable, stable and powerful energy market of the future. Learn more here.
GOOD ENERGY REVEALED THE LACK OF CLIMATE CHANGE REPRESENTATION IN FILM AND TV:
Supported by Bloomberg Philanthropies, Good Energy and USC’s Norman Lear Center Media Impact Project released their report, “A Glaring Absence: The Climate Crisis is Virtually Nonexistent in Scripted Entertainment,” which highlights the lack of climate-related themes and stories across both films and television. Following the launch of the Climate Playbook earlier this year, the report determined that only 2.8% of all scripts included ANY climate-related terms and the most extreme and urgent disasters are almost never linked to climate change. Learn more about how Bloomberg is helping to ensure climate change is accurately and regularly presented in scripted media here.
U.S. BEYOND COAL RETIRED TWO MORE COAL PLANTS:
Supported by Bloomberg Philanthropies, Sierra Club’s Beyond Coal Campaign announced the closure of the Barry plant (#361) and the Gaston plant (#362) in Alabama. Rather than upgrading these coal plants to meet regulatory emissions guidelines, Alabama Power chose to retire them to avoid economic burden. The Barry plant closure is especially historic. Located in what has been described as America’s Amazon, Plant Barry is surrounded on three sides by the Mobile River. Air and water pollution from the plant has threatened biodiversity of the Mobile river watershed and overburdened communities of color since 1969. The most notable community is Africatown, a known world historic site founded by survivors of the Clotilda, the last know ship to bring a cargo of people into slavery in the United States. Two big wins for a cleaner, coal-free America! Read more about other key closures by Beyond Coal here.
GLOBAL FISHING WATCH & PAPUA NEW GUINEA PARTNER TO INCREASE EQUITY AND SUSTAINABILITY IN FISHERIES:
Bloomberg Philanthropies Ocean Initiative partner Global Fishing Watch (GFW) established a new partnership with Papua New Guinea in which the country committed to sharing vessel tracking data from its Fishing Industry Association on GFW’s public tracking map. Through this agreement, the Pacific Island country is taking action to enhance the monitoring of fishing vessels operating in their waters, increase the transparency of its seafood supply chain and help safeguard food security. In Papua New Guinea and beyond, GFW and other Bloomberg Ocean Initiative partners are increasing accountable, sustainable, and equitable fishing practices and helping ensure our critical ocean resources are protected for the health and livelihood of people around the globe. Read more here.
BLOOMBERG NEWS RUNS FIRST COP27 PREVIEW STORY ON CLIMATE LOSS AND DAMAGE:
Bloomberg News posted its first of several articles that will be previewing topics that are expected to dominate global discussions at COP27. The first piece, A New Era of Climate Disasters Revives Calls for Climate Reparations, focuses on developing countries like Pakistan that are leading the charge for compensation from rich nations for the mounting damage from climate-driven disasters, like floods, storms, droughts, and heat waves, caused by decades of unabated emissions from developed countries. The conversation on climate reparations and loss-and-damage is likely to command significant attention at COP27, especially given recent climate-related disasters like the deadly floods in Pakistan. Read the article here.
BLOOMBERG PHILANTHROPIES LAUNCHED NEW INITIATIVE TO BUILD AMBITIOUS CYCLING INFRASTRUCTURE AROUND THE WORLD:
Bloomberg Philanthropies launched The Bloomberg Initiative for Cycling Infrastructure (BICI) at CityLab to help cities around the world create safe, interconnected, and innovative cycling infrastructure and provide sustainable and zero-emissions mobility options. The Initiative will select 10 cities with populations of over 100,000 residents to receive up to $1 million to enact proposals and be provided with technical assistance for implementation, cycling facility design, data collection, resident engagement, and other best practices. Learn more here.
BLOOMBERG CITYLAB SUMMIT EXPLORES INNOVATIVE CLIMATE SOLUTIONS IN CITIES:
Today, Bloomberg CityLab, the preeminent global cities summit organized by Bloomberg Philanthropies in partnership with the Aspen Institute, brought together global mayors alongside prominent city innovators, business leaders, urban experts, artists, and activists to discuss and discover replicable solutions to pressing issues – from leading their communities through pandemic recovery to welcoming refugees from global conflicts to combating climate change. Mayors and experts engaged in robust conversations focused on nature, water-related challenges and extreme heat. Learn more here.
BLOOMBERG PHILANTHROPIES LAUNCHED NEW COAL COUNTDOWN SERIES:
Bloomberg Philanthropies launched a new digital short series that spotlights the countdown to coal around the world – one coal plant at a time. Watch the one minute video featuring the 360th U.S. coal plant retirement here!
U.S. BEYOND COAL RETIRED ITS 360TH COAL-FIRED POWER PLANT:
Supported by Bloomberg Philanthropies, Sierra Club’s Beyond Coal Campaign retired another coal plant – marking 360 coal plants retired in the U.S. since the campaign began in 2010. With this announcement, Beyond Coal has officially retired 68% of coal power in the US! Stopping harmful carbon emissions and toxic air pollution from the Comanche plant in Pueblo, CO is a major win for Beyond Coal, Pueblo communities, and the planet at large as we move closer to a green energy transition and a just, viable future. The Comanche plant was Colorado’s largest source of greenhouse gas emissions. Read more about Beyond Coal’s latest wins here.
BNEF REPORT SHOWED INVESTMENT IN RENEWABLE ENERGY MUST QUADRUPLE TO MEET GLOBAL GREEN ENERGY DEMANDS:
BloombergNEF (BNEF) found that the world will require 4x the current investment rate in clean energy in order to power a green energy world and keep the planet under 1.5 degrees by 2030. The report, through analysis and assessments of various scenarios from the IEA, IPCC and NGFS, showcases how critical it is for the financial sector to retire dirty coal portfolios and prioritize clean energy investments over the next decade to ensure a net-zero future. Read the report here.
BNEF AND GFANZ CONVENED INDUSTRY EXPERTS TO DISCUSS THE ACTIONS NEEDED IN THE ENERGY SECTOR TO DELIVER A NET ZERO ECONOMY:
Today, Glasgow Financial Alliance for Net Zero (GFANZ) and BloombergNEF hosted an event in London to highlight strategies to achieve a future where the planet stays under 1.5 degrees Celsius of warming and avoids climate catastrophe. Adding to the discussion was new GFANZ-supported research from BloombergNEF that analyzed several future climate scenarios and revealed the energy investment ratio between green energy and fossil fuels from now through 2050. UN Special Envoy and GFANZ co-chair Mark Carney kicked off the day with remarks, which were followed by several panel discussions with high-profile attendees across energy, finance, and government. Learn more here.
BLOOMBERG PHILANTHROPIES HOSTED INDONESIAN FINANCE MINISTER IN NYC:
Bloomberg Philanthropies’ environment team met with Indonesian Finance Minister Sri Mulyani Indrawati and her team to further Bloomberg’s support of Indonesia’s ambitious plans for the clean energy transition. The meeting builds on Bloomberg’s ongoing partnership with the Indonesian government, just as Bali, Indonesia is set to host the November 2022 G20 Summit, a strategic platform connecting the world’s major developed and emerging economies and aimed towards helping secure future global economic growth and prosperity.
BLOOMBERG GREEN PARTNERED WITH THE OUTRIDER FOUNDATION TO LAUNCH A NEW CLIMATE STORYTELLING FELLOWSHIP:
Bloomberg Green and the Outrider Foundation — a nonprofit that supports multimedia storytelling about nuclear issues and climate change – launched a fellowship program focused on highlighting the consequences of climate change. Eugene Reznik, a features photo editor at Bloomberg Green, will be the inaugural fellow and will work with Bloomberg Green Executive Editor Aaron Rutkoff to produce high-impact, visually compelling stories highlighting climate change’s detrimental consequences and inspiring action. “Memorable photos cultivate empathy and understanding for issues that seem distant, complicated, or opaque,” said Reznik. Congrats Eugene 🎉! To learn about the series of multimedia features being released next month, read more here.
BEYOND COAL RETIRED ITS 359TH COAL-FIRED POWER PLANT IN SAN JUAN, NEW MEXICO:
Supported by Bloomberg Philanthropies, Sierra Club’s Beyond Coal Campaign has retired another coal plant in San Juan, New Mexico – its 359th in the U.S. since 2010. Halting harmful carbon emissions and toxic air pollution from this plant is a monumental win for the Sierra Club, local communities and the world at large as we move closer to a green energy economy and a just, viable future. Read more about Beyond Coal’s success stories here.
BLOOMBERG PHILANTHROPIES HELPED CONVENE A ROUNDTABLE WITH UN HIGH-LEVEL CHAMPION DR. MAHMOUD MOHIELDIN IN NEW DELHI, INDIA:
Today in New Delhi, Bloomberg Philanthropies’ partner Council of Energy, Environment and Water (CEEW) joined with the Embassy of the Arab Republic of Egypt to host a high-level COP27 roundtable with the UN Climate Change High-Level Champion for Egypt, H.E. Dr. Mahmoud Mohieldin. The roundtable convened over 20 industry experts, government officials and civil society leaders to discuss the importance of private sector financing for clean energy and decarbonization, emerging energy markets, resilient infrastructure, innovative finance, corporate climate commitments, and more. The roundtable conversation was especially prescient as India looks to take on a bigger global leadership role in advance of them hosting the G20 Summit in New Delhi next year.
NEW SIERRA CLUB REPORT REVEALS U.S. UTILITY COMPANIES STILL CLINGING TO COAL:
The Sierra Club released The Dirty Truth About Utility Climate Pledges 2.0, a new report supported by Bloomberg Philanthropies that shows major U.S. utility companies continue to run on coal and gas, despite their commitments to transition to clean energy. Studies show that unless utilities retire all their coal plants by 2030, abandon all plans to build gas plants, and aggressively build out renewable energy resources, we risk destabilizing our livable climate. To complement the report, the Sierra Club created a dashboard to see how utility providers stack up against their clean energy pledges, report cards on specific utility providers, and a way for customers to help hold utility companies accountable for their commitments. Read the report here.
BLOOMBERG NEWS AMPLIFIED THE VOICES OF SENIOR WOMEN LEADERS IN SUSTAINABLE FINANCE:
Bloomberg News celebrated the launch of the second year of the Bloomberg New Voices initiative in South Africa by convening senior women business leaders in Cape Town, South Africa. Since the New Voices program was created in 2018, more than 400 executives have received training in topics such as climate change, finance and their own company’s ESG policies, making these leaders more skilled in advocating for a net-zero emissions future. This year’s convening included a panel discussion moderated by Bloomberg News’ South Africa Bureau Chief Amogelang Mbatha that focused on the growing role of sustainable finance in creating value and maximizing environmental investment. Speakers also touched on a host of key issues for South Africa such as the energy sector’s just transition, boosting gender equality in finance, ESG investments in the current market, and the energy crisis. Learn more here and watch the video here.
BLOOMBERG LIVE HOSTED SUMMIT TO SUPERCHARGE A GREEN FUTURE IN TECH:
In London, the Bloomberg Technology Summit brought together business leaders, policymakers, entrepreneurs and investors to explore the critical role that tech plays to innovate climate solutions. Sessions focused on the challenges facing the tech industry in reaching net zero emissions and highlighted how smart tech solutions are a key catalyst for decarbonizing the economy and saving money for consumers. Watch it here.
BLOOMBERG PHILANTHROPIES AND LONDON EXPANDED EFFORTS TO MONITOR AND IMPROVE AIR QUALITY:
Bloomberg Philanthropies, Mayor of London Sadiq Khan, and Imperial College announced the second round of the Breathe London Community Programme, inviting community groups across London to apply for free, solar-powered air quality sensors. This program puts the power back into the hands of citizens by supporting self-monitoring and reporting of dangerous industrial pollutants. By providing these groups with accurate, real-time local air quality data, the Breathe London program empowers community members to advocate for positive changes in their neighborhoods that lead to less air pollution and healthier lives. Learn more here.
ANTHA MET WITH CAPE TOWN MAYOR GEORDIN HILL-LEWIS TO DISCUSS CITIES AND CLIMATE CHANGE
Antha Williams, who leads the environment program at Bloomberg Philanthropies, met with Mayor Geordin Hill-Lewis to talk about his plans to advance Cape Town’s energy and water security programs. Cape Town is a member of both C40 Cities and the Global Covenant of Mayors, two leading global organizations focused on harnessing the power of cities and mayors to reduce emissions and fight climate change.
MIKE PREVIEWED THE SPEAKER LINE UP FOR THE 5TH ANNUAL BLOOMBERG NEW ECONOMY FORUM
Mike and Bloomberg Media unveiled the initial speakers for the fifth annual Bloomberg New Economy Forum, which returns to Singapore in-person on November 14-17. On the heels of the 2022 G20 Summit and COP27, the Forum will gather the world’s most influential CEOs, government leaders, entrepreneurs, and policymakers, in collaboration with the government of Singapore, to find practical solutions to the world’s most pressing problems – especially a renewed reliance on fossil fuels which threatens to put carbon-reduction targets forever out of reach. Five key pillars of the new economy – Finance, Commerce, Sustainability, Resilience and Security – will serve as the focal point for critical conversations. Click here to read more.
BNEF REPORT SHOWS RENEWABLES ARE MORE ECONOMICALLY VIABLE THAN RETROFITTED COAL POWER PLANTS IN JAPAN
A new BNEF report, supported by Bloomberg Philanthropies, finds that plans to retrofit coal plants in Japan to burn ammonia are too costly. In order to decarbonize its power sector, Japan would be better served to accelerate the deployment of renewable energy. The report – Japan’s Costly Ammonia Coal Co-Firing Strategy – provides additional analysis for Japanese policymakers, stakeholders, consumers, and utility companies considering investment in renewables instead of fossil fuels. The full report is available in both English and Japanese here.
BLOOMBERG PHILANTHROPIES SUPPORTED THE JUST ENERGY TRANSITION PARTNERSHIP SUMMIT IN CAPE TOWN, SOUTH AFRICA
Bloomberg Philanthropies, in partnership with the African Climate Foundation and the Presidential Climate Commission and Presidential Climate Finance Task Team, co-sponsored the Just Energy Transition Knowledge Exchange and Learning Sessions in Cape Town. The event brought together elected officials and climate leaders to discuss the importance of equity in the clean energy transition. Antha Williams and Ailun Yang from Bloomberg Philanthropies’ environment program and Aguil Deng from Bloomberg LP joined delegates from South Africa, Senegal, Nigeria, China, India, Indonesia, Vietnam, and Philippines to discuss transition paths to decarbonization, the transport shift to EV’s, greening of the electric grid, and how to best tap into Africa’s clean energy potential. Learn more here.
BNEF SPOTLIGHTED THE ASTOUNDING GLOBAL GROWTH IN CLEAN ENERGY CAPACITY OVER THE PAST YEAR:
BloombergNEF (BNEF) highlighted key findings from its annual Power Transition Trends report, showcasing the incredible progress for wind and solar energy last year. The article summarized how renewable technologies had a banner year, both in terms of contributions to global generation and new capacity added. The report is freely available and can be used by policymakers, investors and other key stakeholders working to achieve net-zero emissions. Read more here.
BLOOMBERG LP SHARED HOW THE COMPANY IS HELPING CLOSE THE SCOPE 3 GHG EMISSIONS DATA GAP:
Bloomberg LP posted a new article detailing how the company systematically approaches estimating Scope 3 emissions for Oil and Gas, Metals and Mining, and Services industries using a combination of a bottom-up model with a top-down machine learning model and how it can help close the gap on GHG emissions data from that sector. Scope 3 emissions account for a whopping 70% of the average corporate value chain’s total emissions, but Bloomberg’s company-reported ESG data on 13,000 companies reveals that only about 20% of them disclosed their Scope 3 emissions for the 2020 fiscal year. To shine a light on this gap, Bloomberg has developed a Scope 1, 2 and 3 estimates model to cover both companies that do report but also those that do not self-report. Read the blog post here.
THE OUTLAW OCEAN PROJECT LAUNCHED A SEVEN-PART IMMERSIVE AUDIO DOCUMENTARY:
Hosted and founded by Pulitzer-prize-winning journalist Ian Urbina, The Outlaw Ocean Project launched The Outlaw Ocean, a 7-part weekly series that explores one of the few remaining frontiers on our planet: the world’s ocean. Supported by Bloomberg Philanthropies, the immersive audio documentary is a result of 8 years of reporting at sea in more than 3 dozen countries and all 7 oceans and gives insight into a gritty and lawless realm rarely seen, populated by traffickers and smugglers, pirates and mercenaries, vigilante conservationists and elusive poachers, clandestine oil dumpers, and more. Tune into the first episode here.
BLOOMBERG PHILANTHROPIES SUPPORTED EFFORTS TO IMPROVE AIR QUALITY IN SURAT, INDIA:
With support from Bloomberg Philanthropies’ clean air program, World Resources Institute (WRI) India worked with the government of Surat and the Gujarat Pollution Control Board to create the Surat Clean Air Action Plan to help the city of Surat improve air quality and public health for its residents. The comprehensive action plan outlines innovative practices that will help tackle air pollution across the city, including implementing clean construction practices, minimizing open waste burning, promoting sustainable and zero vehicular emissions from public transport, and air quality monitoring to assess air polluting activities and the impact of mitigation measure. Read the plan here.
AMERICA IS ALL IN AND RMI HOSTED A CLIMATE-FRIENDLY COOKING CLASS:
As part of NY Climate Week, America Is All In and Bloomberg partner Rocky Mountain Institute (RMI) hosted the “All In(duction) Cooking Workshop.” The workshop, led by sustainability-focused Chef Christopher Galarza, focused on how induction stoves are not only better than gas cooktops for health, they also help fight climate change as a result of the electrification of buildings and homes. Energy efficient and delicious! Get your cooking tips here.
BLOOMBERG PHILANTHROPIES AND TERI ADDRESSED HOW TO ENSURE AN INCLUSIVE ENERGY TRANSITION:
Bloomberg Philanthropies and TERI (The Energy and Resources Institute) partnered up to host an event on how the global transition to clean energy prioritizes affordability and inclusivity. Over 250 people from research institutions, NGOs, civil society and more attended the discussion, which addressed the need to bridge data gaps, invest in scalable technology, and the deep potential for new markets and job creation. The event was anchored by the UN’s Sustainable Development Goal 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all. Learn more here.
MIKE DELIVERED REMARKS AT THIS YEAR’S GLOBAL CLEAN ENERGY ACTION FORUM:
Mike addressed the Global Clean Energy Forum by video at this year’s Clean Energy Ministerial in Pittsburgh. Directly following the UN General Assembly, the Global Energy Forum convened governments representing most of the world’s GHG emissions and 90% of public investment in clean energy, along with international organizations, financiers and industry leaders to discuss what is needed to speed up the deployment of clean energy infrastructure and technology globally. In his remarks, Mike called for swift collaboration between public and private sector leaders to knock down barriers to clean energy investment and pick up the pace ahead of COP27, saying “Speeding up the switch to clean energy is more important – and more urgent – than ever. And the more we all work together the faster we can make progress. Doing that will take all of us: businesses in every industry…and leaders at every level of government.”
BLOOMBERG PHILANTHROPIES ANNOUNCED SUPPORT FOR THE NATURE ZONE PAVILION AT COP27:
Bloomberg Philanthropies joined with partners including EDF, WCS, WWF and more to announce the Nature Zone pavilion at COP27, where Bloomberg will support programming and events dedicated to showcasing the ocean’s critical role in the fight against climate change. Read more here.
BNEF TRACKS GROWTH OF ZERO EMISSION VEHICLES ADOPTION.
BloombergNEF (BNEF) revealed that global passenger electric vehicle (EV) sales grew by 63% (year-on-year) in the first half of 2022, to nearly 4.3M units. The data is part of BNEF’s updated ‘dashboard’ tracking the latest progress on zero-emission vehicles adoption, covering key statistics such as vehicle sales, charging infrastructure deployment and oil demand impacts. The dashboard has been produced for the Zero-Emission Vehicles Transition Council (ZEVTC), in consultation with the UK Department for Business, Energy and Industrial Strategy (BEIS) and the US Environmental Protection Agency (EPA). Read more here and view the full dashboard here.
AMERICA IS ALL IN HELPED LAUNCH THE U.S. SME CLIMATE HUB.
America Is All In, co-chaired by Mike, launched the SME Climate Hub to help empower small to medium sized companies take climate action and build resilient businesses for the future. The Hub is an initiative of the We Mean Business Coalition, the Exponential Roadmap Initiative and the United Nations Race to Zero campaign, in collaboration with Normative and the Net Zero team at Oxford University and will help ensure small businesses continue to make profits while cutting their emissions. Read more here.
MIKE HOSTED A FLAGSHIP FORUM THAT DISCUSSED THE IMPORTANCE OF ENSURING A JUST AND AFFORDABLE ENERGY TRANSITION IN EMERGING ECONOMIES.
Hosted by Mike, the Emerging + Frontier Forum 2022 convened heads of state, ministers, central bank governors and top executives in NYC to share their insights into the opportunities, risks, and growth potential of emerging global economies. The Forum covered topics such as: funding a sustainable future in emerging markets, ensuring a just and affordable energy transition and addressing the financing gap, and long-term economic recovery in Ukraine. Read more here.
GFANZ RELEASED GUIDANCE ON STEPS COMPANIES CAN TAKE TO REDUCE EMISSIONS.
Glasgow Financial Alliance for Net-Zero (GFANZ) released a new report that gives practical steps for companies to do more, faster to achieve net-zero emissions. Mary Schapiro spoke at a London Stock Exchange Group event about the report and the role that financial institutions like banks and asset managers can play in addressing climate change. Read the report here.
BNEF AND BLOOMBERG PHILANTHROPIES SHED LIGHT ON ENERGY TRANSITION FOR POLICYMAKERS.
BloombergNEF (BNEF) released its latest Energy Transition Factbook in partnership with the Clean Energy Ministerial and Bloomberg Philanthropies. The publicly available Factbook was released in time for the annual Clean Energy Ministerial meetings in Pittsburgh this week and highlights how the world is progressing toward lower-carbon energy sources. The Factbook finds that a record of $705 billion was invested in energy transition technologies in 2021 in member countries of the Clean Energy Ministerial. Read more here and view the full factbook here.
MIKE MET WITH THE MOROCCAN PRIME MINISTER TO DISCUSS THE IMPORTANCE OF ACCELERATING THE CLEAN ENERGY TRANSITION.
As UN Special Envoy, Mike met with Prime Minister Aziz Akhannouch in New York City to develop plans in support of Morocco’s ambitious plans for clean energy transition.
BLOOMBERG LP SHARED ESG INSIGHTS WITH INVESTORS.
In a special edition of the Sunday Times on Sustainable Investing, Bloomberg LP’s Head of Sustainable Finance Solutions Patricia Torres discussed how climate change and its impact on companies require investors to consider ESG data to inform decisions. Read the piece here.
BLOOMBERG PHILANTHROPIES AND THE GOVERNMENTS OF BELGIUM AND NIGERIA HOSTED THE BLUE LEADERS.
Bloomberg Philanthropies and the Governments of Belgium and Nigeria brought together presidents, prime ministers, and key decision makers from Blue Leader nations to catalyze high-level political support to protect at least 30% of the ocean through a global network of highly and fully protected marine areas by 2030. See more here.
BNEF REVEALED RENEWABLES MADE A RECORD CONTRIBUTION TO ENERGY GRIDS IN 2021.
BNEF released its annual Power Transition Trends report, which highlighted that the world’s wind and solar projects combined to meet more than a tenth of global electricity demand for the first time in 2022. The report also found that at the same time, overall electricity demand, production from coal-fired power plants, and emissions all surged in 2021 as the global economy regained its footing following the Covid-19 pandemic. Read more here.
MARY SCHAPIRO AND THE CLIMATE DATA STEERING COMMITTEE UNVEILED NET ZERO DATA PUBLIC UTILITY RECOMMENDATIONS.
The Climate Data Steering Committee, which was formed by Mike and French President Emmanuel Macron and chaired by Mary, unveiled recommendations on the design of a new open-data utility, the Net-Zero Data Public Utility (NZDPU), and how it should address data gaps, inconsistencies, and inaccessibility that slow climate action. Read more about the NZDPU here.
MIKE ANNOUNCED BLOOMBERG’S COMMITMENT TO TURBOCHARGING CLIMATE ACTION AHEAD OF AND AT COP27.
Mike announced Bloomberg-wide presence at the upcoming Conference of the Parties (COP27) in Sharm El-Sheikh, Egypt, as well as the launch of the Bloomberg Countdown to COP27 – a 45-day long series of initiatives and commitments aimed at delivering on UN Secretary-General António Guterres’ call for urgent climate action leading into this year’s COP. Read more here.
MIKE LAUNCHED A NEW $85 MILLION CAMPAIGN TO STOP PETROCHEMICAL POLLUTION.
With more than 15 partners, including Hip Hop Caucus, Beyond Plastics, Rise St. James, JHU, Earthjustice and RMI, Mike launched Beyond Petrochemicals – a new $85 million campaign that will aim to halt the rapid expansion of petrochemical and plastic pollution in the United States and safeguard the health of American communities. Read more here.
BLOOMBERG PHILANTHROPIES DOUBLED DOWN ON OCEAN PROTECTION.
Patti announced Bloomberg Philanthropies’ new investment of $204 million to protect coral reefs, stop illegal fishing, and safeguard marine ecosystems and biodiversity that are at risk from the growing impacts of climate change. Investing $364 million since 2014 in ocean protection, the Bloomberg Ocean Initiative will aid countries in their goal of protecting 30% of the ocean by 2030. Read more about the announcement here.
MIKE EXPANDED BLOOMBERG PHILANTHROPIES’ GLOBAL CLEAN ENERGY TRANSITION PROGRAM.
Mike announced 15 new countries of focus for Bloomberg Philanthropies’ clean energy transition program, including Botswana, Cambodia, Democratic Republic of the Congo, Egypt, Ethiopia, Ghana, Madagascar, Morocco, Mexico, Philippines, Rwanda, Senegal, Tanzania, Thailand, and Uganda. The expansion delivers on Mike’s commitment at COP26 in Glasgow to help shutter or cancel a quarter of the world’s coal plant capacity by 2025. Read more about the announcement here.
BLOOMBERG PHILANTHROPIES AND THE UNITED NATIONS RACE TO ZERO & RESILIENCE CHARTED THE PATH TO NET-ZERO.
Mike and UN Climate Change High-Level Champions Nigel Topping and Dr. Mahmoud Mohieldin brought together climate leaders from around the world for the United Nations Climate Action: Race to Zero and Resilience Forum. Speakers and special guests included Mark Carney, Jane Goodall, Catherine McKenna, Dr. Mahmoud Mohieldin, Alok Sharma, H.E. Sameh Shoukry, Simon Stiell, Frans Timmermans, and youth activists gathered to discuss pathways to a just and resilient net-zero future. Learn more here.
BLOOMBERG PHILANTHROPIES AND THE EARTHSHOT PRIZE SCALED INNOVATIVE SOLUTIONS IN NYC.
Against the backdrop of UNGA, Bloomberg Philanthropies co-hosted The Earthshot Prize Innovation Summit, bringing together heads of state, government leaders, philanthropists, business executives, and grassroots climate activists from around the world to showcase, replicate, and scale groundbreaking solutions needed to tackle the world’s most pressing environmental challenge. Read more here.
Top photo: Underwater diver in the Rea Sea near Sharm El-Sheikh, Egypt