Countdown to COP28
Dubai, United Arab Emirates
November 30 – December 12, 2023
Days Until COP28:
Building on their commitment to turbocharge climate progress, Bloomberg L.P. and Bloomberg Philanthropies are unveiling numerous climate actions in partnership and collaboration with public, private, and civil society actors from around the world during the 11-week Countdown to COP28.
Launched by UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, Michael R. Bloomberg, Bloomberg’s third annual Countdown to COP28 below is a series of initiatives, reports, investments, events, and partnerships aimed at delivering on UN Secretary-General António Guterres’ call for transformative and decisive climate action leading into this year’s UN Climate Change Conference in Dubai, United Arab Emirates. The Bloomberg Countdown aims to raise awareness about the crucial climate challenges that COP28 will address.
At COP28, Bloomberg Philanthropies and Bloomberg LP are also taking action, actively working with partners to ignite and amplify local climate action, accelerate the net zero energy transition, mobilize climate finance, protect the ocean, and clean the air as part of their work towards meeting the goals of the Paris Agreement.
MORE THAN 200 LONDON BUSINESSES REDUCED EMISSIONS THROUGH BLOOMBERG ASSOCIATES-DESIGNED PROGRAM
The London Business Climate Challenge (BCC) announced significant progress towards its energy reduction targets, with a 10% energy reduction use noted in just nine months. The BCC is an energy efficiency program supporting businesses to reduce their energy consumption in order to accelerate building decarbonization efforts in London. Bloomberg Associates designed and has been supporting the over 200 London businesses that are part of Mayor Khan’s climate challenge. Decarbonizing the city’s building stock is pivotal to reach the Mayor’s net zero target by 2030, and ensure a green and clean recovery from the pandemic. The program provides free technical support to help make buildings more energy efficient, reduce energy costs and support businesses on their pathway to zero carbon. Read more here.
BLOOMBERG PHILANTHROPIES SIGNED CARBON FINANCE PHILANTHROPIC DONOR STATEMENT TO ADVANCE SYSTEMATIC CHANGE
Bloomberg Philanthropies joined Bezos Earth Fund, Rockefeller Foundation, Sequoia Climate Foundation, and others on the Carbon Finance Philanthropic Donor Statement, demonstrating collective support for mobilizing capital for high-integrity carbon finance tools. Bloomberg and others committed to leveraging high-integrity voluntary carbon markets (VCM) as a critical tool for accelerating investment in nature-based climate solutions, the clean energy transition, and in local communities. Signatories endorsed end-to-end transparency and integrity in the use and supply of carbon credits as critical to meeting climate goals, benefiting local communities and protecting human rights, and speeding the necessary transition away from fossil fuels. Read the statement here.
NET-ZERO DATA PUBLIC UTILITY AND CLIMATE DATA STEERING COMMITTEE FEATURED IN 2023 UNFCCC YEARBOOK OF GLOBAL CLIMATE ACTION
The UNFCCC’s 2023 Yearbook of Global Climate Action spotlighted the Climate Data Steering Committee’s Net-Zero Data Public Utility (NZDPU), a global, centralized, open repository for private sector climate transition-related data. The NZDPU Proof of Concept will be launched at COP28 in Dubai and will enable users to explore individual company data, facilitating comparisons across multiple companies and years. Read more here.
BLOOMBERG-BACKED REPORT FOUND RAPID CUTS TO METHANE EMISSIONS OVER NEXT 12 YEARS IS SINGLE BIGGEST TOOL TO SLOW NEAR-TERM WARMING
A new analysis from Bloomberg Philanthropies’ partner the Center for Global Sustainability (CGS) at the University of Maryland revealed that reducing methane emissions over the next 12 years—particularly from oil and gas—is the single biggest deployable, practical and affordable mitigation strategy available to reduce climate risk. Released in the days before COP28, CGS’s analysis demonstrated that methane can make up nearly half of the emissions reductions needed through 2030, however if governments fail to cut methane emissions by 30% by 2030, the world will reach 1.5°C sooner, experience a more prolonged global temperature overshoot, and is at greater risk of tipping point disruptions of sea level rise or oceanic temperatures. Read more here.
BLOOMBERG FOR EDUCATION LAUNCHED BLOOMBERG FINANCE FUNDAMENTALS TO EMPOWER NEW GENERATION OF STUDENTS WITH INSIGHTS INTO THE WORLD OF FINANCIAL MARKETS
Bloomberg for Education (BFE) today launched the latest in its series of e-learning certifications, Bloomberg Finance Fundamentals (BFF), a self-paced, interactive e-learning course to provide an introduction to the key concepts involved in finance and investment. Throughout the course, students will explore real-life scenarios through the perspectives of four young adults, helping them to build an understanding of how financial markets work, and the different careers available. Bloomberg’s e-learning courses offer an advantage by empowering students and early career finance professionals with the hands-on knowledge and real-world experience needed to compete and succeed. Read more here.
NATURAL HISTORY MUSEUM AND BLOOMBERG LP TEAMED UP TO PROVIDE BIODIVERSITY INSIGHTS TO FINANCIAL MARKETS FOR THE FIRST TIME
The Natural History Museum, London, and Bloomberg LP announced a collaboration to make the Museum’s Biodiversity Intactness Index (BII) data available to the investment community for the first time through Bloomberg. By combining the Natural History Museum’s BII with Bloomberg’s physical assets linked to nearly 50,000 global companies, the two organizations will open up significant insight to the Financial Markets. The biodiversity tool will be built to allow companies to understand their proximity to highly intact ecosystems, as well as the scale of the impact on these ecosystems over time. Learn more about the collaboration here.
BLOOMBERGNEF CLIMATESCOPE REPORT REVEALED THE MOST ATTRACTIVE DEVELOPING COUNTRIES FOR CLEAN ENERGY INVESTMENT
BloombergNEF’s Climatescope released a report that reviewed clean energy progress in 110 emerging economies. Almost all of these markets have renewable energy targets in force, but three-fifths of them have yet to achieve even half of their stated ambitions. However, India, China, Chile, the Philippines, and Brazil were revealed to be the most attractive developing economies for clean energy investments – with India ranking first among all counties. India’s high ambitions, renewable energy auction program, and growing investment in renewable capacity creates an encouraging ecosystem for a clean energy economy to thrive. Read the report here and the press release here.
BLOOMBERG LP INTEGRATED UNITED NATIONS FRAMEWORK TO ASSESS COMPANY IMPACT ON SUSTAINABLE DEVELOPMENT GOALS
Bloomberg LP announced the launch of a first-of-its-kind tool that investors can use to assess the potential impact of a company’s business on any of the United Nations’ 17 Sustainable Development Goals (SDGs) – a huge win for data transparency. To meet the increasing investor demand for objective SDG-related data, Bloomberg has integrated the UN Environmental Programme Finance Initiative (UNEP FI) Sector Impact Map into Bloomberg’s ESG data offerings. The resource helps uncover which companies are having positive or negative impacts by mapping more than 500 sectoral activities to 38 impact topics and the SDGs. Key insights into business impacts on people, the environment, and economic development will bring us closer to global sustainable development. Read more here.
BLOOMBERG PHILANTHROPIES AND GOLDMAN SACHS CATALYSED ~$500 MILLION OF INVESTMENT IN THE CLEAN ENERGY TRANSITION IN SOUTH AND SOUTHEAST ASIA
Bloomberg Philanthropies and Goldman Sachs announced that the Climate Innovation and Development Fund (CIDF) completed allocating its $25 million in philanthropic concessional capital to help advance sustainable low-carbon economic development in South and Southeast Asia. The CIDF, managed by the Asian Development Bank, successfully completed seven blended-finance investments with initial $25 million of concessional capital, unlocking approximately $500 million in private-sector and government investments in climate solutions to help accelerate the transition to net zero emissions. Bloomberg, Goldman Sachs, and ADB also issued a report detailing the key learnings from the CIDF as a valuable case study in the power of blended finance. Read the report here.
BLOOMBERGNEF SUMMIT CONVENED THOUGHT LEADERS ON ENERGY, INDUSTRY, AND TRANSPORT IN SHANGHAI
The BloombergNEF Summit took place in Shanghai and provided the space for ideas, insights and connections to formulate successful strategies, capitalize on technological change, and shape a cleaner, more competitive future. Sessions covered topics such as managing China’s decarbonization pathway, scaling the residential energy storage market, the competitiveness of auto manufacturing, and more. Watch event speakers, including BloombergNEF CEO Jon Moore, here.
THE BLOOMBERG PHILANTHROPIES-FUNDED CLIMATE INNOVATION AND DEVELOPMENT FUND ANNOUNCED AN INDIAN COOKSTOVE DEAL
The Bloomberg Philanthropies and Goldman Sachs backed Climate Innovation and Development Fund (CIDF) announced a new deal to distribute 1 million improved cookstoves to rural households in India’s Madya Pradesh and Odisha states. A $3.25 million grant from Bloomberg Philanthropies-funded Climate Innovation and Development Fund will be used as a first-loss liquidity reserve. Compared to the typical traditional mud chulhas or indoor stoves, the improved stoves reduce fuel needs by 65% and smoke generated by 70%, significantly reducing black carbon and carbon monoxide emissions. This project will subsidize the cost of the new cookstoves to rural households, which use traditional inefficient means of cooking. Learn more here.
BLOOMBERG PHILANTHROPIES PARTNER EMBER LAUNCHED NEW REPORT TRACKING NATIONAL RENEWABLE ENERGY TARGETS
Bloomberg Philanthropies’ partner Ember launched a new report to track 2030 national renewables ambition towards a global tripling of renewables, which is the single biggest action the world can take for the climate in this decade. The analysis shows that governments are already planning for a doubling, but there is room for much higher ambition. Learn more here.
BLOOMBERG PHILANTHROPIES-SUPPORTED SUSTAINABLE GROWERS’ COFFEE ANNOUNCED AS NEWEST COFFEE VENDOR AT COP28 VENUE
Expo City Dubai, the venue of this year’s UN Climate Conference COP28, announced its latest permanent addition for eco-coffee enthusiasts: Q Coffee. Q Coffee is a part of Bloomberg Philanthropies’ Women’s Economic Development program, in partnership with Sustainable Growers, which has contributed to providing financial independence for over 724,000 women, impacting 2.8 million of their children. Q Coffee Café is a celebration of Rwandan culture, heritage, and coffee, while also offering tastings and workshops in coffee making and fair-trade practices. Read more about Bloomberg’s partnership with Q Coffee here.
BLOOMBERGNEF CONVENED CLIMATE POLICY LEADERS IN BRUSSELS TO DISCUSS EU AND G20 CLIMATE PROGRESS
Ahead of this year’s COP28, BloombergNEF convened a briefing and discussion centered around the COP28 edition of BNEF’s Climate Policy Factbook, analyzing how the EU and G20 members are performing in key climate action areas. The event included Bloomberg’s Arlene McCarthy and remarks from Anthony Agotha, the European External Action Service’s newly appointed Ambassador at Large and Special Envoy for Climate and Environment Diplomacy, who spoke about Europe’s work to advance climate diplomacy globally. Read more about the event here.
MIKE BLOOMBERG AND COP28 PRESIDENT DR. SULTAN ANNOUNCED HISTORIC DELEGATION OF LOCAL LEADERS TO ATTEND COP28
Mike Bloomberg and COP28 President Dr. Sultan Ahmed Al Jaber announced an unprecedented delegation of subnational leaders to join the opening leaders segment of the COP28 World Climate Action Summit. In addition, they also named a distinguished list of Local Co-Chairs who will lead the COP28 Local Climate Action Summit (LCAS). The Local Climate Action Summit marks the first time a COP Presidency has hosted a formal summit to bring subnational leaders into the COP program and process, and more than 450 attendees from 66 countries, including over 200 mayors and governors, are set to attend. This group of subnational leaders will join together with the Global Co-Chairs announced in September. Learn more here.
BLOOMBERGNEF LAUNCHED THE COP28 CLIMATE POLICY FACTBOOK IN PARTNERSHIP WITH BLOOMBERG PHILANTHROPIES
BloombergNEF launched its Climate Policy Factbook: COP28 Edition – a report analyzing the priority issues for global climate progress ahead of COP28. The factbook, released in partnership with Bloomberg Philanthropies, evaluates G-20 members’ progress in three concrete policy areas: 1) phasing out support for fossil fuels, 2) putting a price on emissions, and 3) implementing climate risk policy. The report aims to increase transparency and inform priorities ahead of the COP28 climate summit, where countries will conclude the first ‘stocktake’ of global progress toward the Paris Agreement and deliver policy recommendations to encourage governments to ratchet up their climate plans. Read the factbook here and the press release here.
BLOOMBERG PHILANTHROPIES ANNOUNCED NEW PARTNERSHIP WITH GOVERNMENT OF INDONESIA TO TACKLE AIR POLLUTION IN GREATER JAKARTA AREA
Bloomberg Philanthropies announced a new partnership with the Government of Indonesia to address toxic air pollution and improve public health in Jakarta and the surrounding region. The new initiative in partnership with ViriyaENB will boost technical expertise, data, and research on air pollution in the greater Jakarta area, as well as develop policy recommendations to serve as a building block towards a national blueprint to improve air quality standards in Indonesian cities. The partnership will support Indonesia’s efforts to reduce air pollution by focusing on data and research, convening and engagement, technical expertise, and communications and knowledge sharing. Learn more here.
BLOOMBERG OCEAN INITIATIVE SUPPORTED WESTERN AFRICAN GOVERNMENTS TO ACCELERATE THE RATIFICATION OF THE HIGH SEAS TREATY AND TURBOCHARGE GLOBAL OCEAN PROTECTION
Bloomberg Ocean Initiative supported a two-day workshop convened by the Governments of Nigeria and Sierra Leone, along with the Economic Community of West African States (ECOWAS) Environment and Natural Resources Directorate to discuss pathways toward prompt adoption of the Agreement under the United Nations Convention on the Law of the Sea on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction (BBNJ treaty). The convening included helping Bloomberg partner ECOWAS map out specific actions needed to accelerate ratification and equitable implementation of the treaty by ECOWAS member states. Support for the African region and ECOWAS members’ effective participation in the treaty and the creation of quality high seas marine protected areas is critical for reaching the global goal of 30% ocean protection by 2030 and securing a healthy, resilient and thriving ocean for generations to come.
NEW BLOOMBERGNEF REPORT DETAILED THE NEED TO TRIPLE RENEWABLE ENERGY CAPACITY BY 2030 TO REACH TARGET OF GLOBAL NET-ZERO EMISSIONS BY 2050
A new BNEF report showed that in order for the world to be on track for net-zero emissions by 2050, the world will need to triple renewable energy capacity by the end of this decade. While tripling renewables by 2030 will be hard, it is an achievable goal, especially as wind and solar power are now the cheapest sources of new generation in most countries. But swift action from industry and government is required, as meeting the target requires doubling the rate of investment in renewables each year between now and 2030 along with ensuring policies around permitting and grid systems enable the transformation. Read the report here.
BLOOMBERG PHILANTHROPIES SIGNED ON TO THE ‘COP28 OCEAN DECLARATION’ TO ADVOCATE FOR MORE SUPPORT FOR OCEAN SCIENCE AND OBSERVATION
As lead partner of the COP28 Ocean Pavilion, Bloomberg Philanthropies endorsed and supported the launch of the “COP28 Dubai Ocean Declaration,” calling on world leaders to recognize the importance of the ocean in combating climate change and supporting efforts to expand and improve ocean observations worldwide, especially in under-observed regions. The Declaration emphasizes the need for more ocean science and observation to understand ongoing global climate changes. As the largest, most dynamic reservoir of carbon in Earth’s climate system, the ocean can and must play a central role in efforts to achieve net-negative emissions and meet the goals laid out in the Paris Agreement. The Declaration is one of the many ways that the Bloomberg Ocean Initiative is working with its partners to protect 30% of the world’s ocean by 2030. Read the COP28 Dubai Ocean Declaration here.
BLOOMBERGNEF AND BLOOMBERG PHILANTHROPIES REPORT DETAILED NEED FOR GREATER POLICY INTERVENTION TO REDUCE EMISSIONS FROM HIGH-EMITTING SECTORS
A new joint report from BloombergNEF in partnership with Bloomberg Philanthropies assessed some of the most promising policy solutions to scale up the technologies needed to decarbonize high-emitting industrial sectors like steel, cement, and petrochemicals. These sectors are considered among the most challenging parts of the global economy to decarbonize, largely due to the nascent status and prohibitive cost of zero-emissions technologies. BNEF research showed that it is imperative to finance and construct commercial-scale, net-zero steel, cement and chemicals plants and robust green standards are needed for effective net-zero industrial policies. The report also stated that clearly defining what ‘green’ means and progressively tightening the emissions benchmarks will allow producers to strategize for reducing emissions from their manufacturing operations. Read the report here and the BNEF blog here.
BLOOMBERG OCEAN INITIATIVE PARTNERS, AUSTRALIA MARINE CONSERVATION SOCIETY AND WWF AUSTRALIA PASSED PLAN TO PHASE OUT HARMFUL GILLNETS
Earlier this year, the Queensland and Australian governments announced that they were phasing out gillnets – a type of net that harms the threatened dugong population and various turtles, dolphins, and other marine life – in the Great Barrier Reef. After several months and hard work from Bloomberg Ocean Initiative partners WWF and Australia Marine Conservation Society, the governments passed a plan to implement the phase out – and in a rare instance, it included more protections for the Reef and wildlife. Key areas of the reef will be free from gillnets starting in 2024, and all but 40 licenses (down from 240) will be phased out by the end of this year. Read more about the very long fight for biodiversity in the region and the instrumental win for Bloomberg Philanthropies’ ocean partners here.
BLOOMBERG ASSOCIATES’ CLIENT DETROIT ADOPTED NEW ENERGY BENCHMARKING ORDINANCE AND RELEASED CLIMATE STRATEGY
With support from Bloomberg Associates, the Detroit City Council unanimously adopted an energy and water benchmarking policy for public and private buildings in Detroit, a critical tool to improve the efficiency of buildings, which are responsible for 63% of the city’s greenhouse gas (GHG) emissions. This policy is a key action of Mayor Duggan’s “Detroit Climate Strategy,” which was also released this week. The Strategy outlines concrete near-term actions Detroit will implement to reduce its GHG emissions and adapt to the impacts of climate change, with a heavy focus on vulnerable populations. Bloomberg Associates was integral in the development and launch of the Detroit Climate Strategy and advised on the benchmarking ordinance. Learn more here.
BLOOMBERG OCEAN PARTNER OCEANA HELPED BELIZE PROTECT THE OCEAN AGAINST OFFSHORE OIL AND GAS DRILLING
Thanks to long-time advocacy of Bloomberg Ocean Initiative partner Oceana, the Government of Belize officially passed the Referendum Act into law, a landmark amendment that will require any decision to open its ocean to oil and gas drilling to first be presented to the people of Belize in a national referendum. More than 22,000 Belizean voters called for this amendment and it lays the foundation for a profound shift in people’s participation in Belizean democracy. Belize is home to 40% of the world’s second longest barrier reef and a third of the country’s economy is driven by tourism and fisheries. Its culture – the people’s pride in what it means to be Belizean – is deeply tied to the Caribbean Sea, and its extraordinary resources, beauty, and spiritual power. Read more about the major win for Belize and the ocean here.
BLOOMBERG PHILANTHROPIES PARTNER CO-HOSTED THE GLOBAL FORUM FOR CLIMATE MOVEMENT IN INDONESIA
Bloomberg Philanthropies’ partner ViriyaENB co-hosted the Global Forum for Climate Movement with Muhammadiyah, the Minister of Foreign Affairs of Indonesia for Climate Movement – Promoting Green Culture, Innovation, and Cooperation in Yogyakarta, Indonesia. The forum called for civil society organization-driven initiatives to correspond to and support the Net Zero Emission target by 2060 or sooner, and efforts to address adverse effects of climate change, to seek solutions to energy transition, as well as to develop deeper and more equitable cooperation. In addition to renewable energy, the call to action includes nurturing a green culture, innovation for climate resilience, and a framework for adapting to the impacts of climate change. Learn more here.
BLOOMBERG PHILANTHROPIES, COP28 PRESIDENCY, C40, AND GCOM CONVENED EUROPEAN MAYORS FOR A SUBNATIONAL LEADERS BREAKFAST IN BRUSSELS
Bloomberg Philanthropies, GCOM and C40 brought together European subnational leaders for an event in Brussels to discuss their priorities for the UN climate negotiations.. Mayor of Utrecht Sharon Dijksma, Mayor Oleksandr Syenkevych of Mykolaiv (Ukraine) and Diana Acconcia, Director of International Affairs and Climate Finance at DG CLIMA, European Commission joined the event to share their insights two weeks ahead of COP28. Leaders shared their priorities for the UN climate negotiations, focusing on the importance of multi-level governmental cooperation in turbocharging local clean energy transition efforts and mobilizing finance for cities and regions. The session showcased the actions that local governments are taking to support their national governments in achieving their commitments under the Paris Agreement, demonstrating the importance of integrating local contributions into national goals and policies, and strengthening local resilience and adaptation to climate change.
BLOOMBERG PHILANTHROPIES SUPPORTED THE COUNCIL ON ENERGY ENVIRONMENT AND WATER’S REPORT ON MAPPING INDIA’S RESIDENTIAL ROOFTOP SOLAR POTENTIAL
Bloomberg Philanthropies supported a report, Mapping India’s Residential Rooftop Solar Potential, by the Council on Energy Environment and Water (CEEW) that conducted a detailed assessment of the technical, economic and market potential for rooftop solar adoption by Indian households in different states and urban and rural localities. Rooftop solar provides a strong opportunity for Indian households to contribute significantly to the ongoing clean energy development by shifting electricity consumption to solar. As of August 2023, India has installed about 11 GW of rooftop solar capacity. If all suitable residential rooftops in India are covered with rooftop solar, the report concludes that there is a potential for the production of 637 GW of energy. Read the press release here and the report here.
BLOOMBERG PHILANTHROPIES SUPPORTED THE COUNCIL ON ENERGY ENVIRONMENT AND WATER’S REPORT ON ACHIEVING OPTIMUM ENERGY GENERATION FROM ROOFTOP SOLAR SYSTEMS IN DELHI
Bloomberg Philanthropies supported a new report, kWh from kW: Achieving Optimum Energy Generation from Rooftop Solar Systems by the Council on Energy Environment and Water (CEEW) highlighting that solarising rooftops in India provides an opportunity to accelerate clean energy development. The report found that with improvements in system performance, residential customers could save INR 3.8 million (USD 48,000) and non-residential consumers could save INR 14 million (USD 175,000) annually and utilities could save an additional INR 5 million (USD 63,000) and 2,300 tons of CO2 emissions from existing rooftop solar capacity. The study concluded with key policy recommendations to improve systems performance in the long run and ensure India has access to high quality clean energy for generations to come. Read the report here.
BLOOMBERG PHILANTHROPIES SUPPORTED A NATIONAL DIALOGUE ON THE PATHWAYS FOR ROOFTOP SOLAR IN INDIA
The Council on Energy Environment and Water (CEEW), with support from Bloomberg Philanthropies, organized a high-level national dialogue to discuss rooftop solar innovation in India. The event included three panels which discussed unlocking economic benefits, the role of States in India’s Energy Transition, and how to effectively strategize to achieve targets. Some key speakers included Lalit Bohra, Joint Secretary, Ministry of New and Renewable Energy; Divyanshu Jha, Deputy Secretary, Ministry of New and Renewable Energy; Alok Kumar, Ex Secretary, Ministry of Power; Sunil Sharma, General Manager, BSES Yamuna Power Limited; and other experts. The development of clean energy remains critical to achieving India’s NDC targets – and key stakeholders from the Ministry of New and Renewable Energy, State Level Renewable Energy Agencies, CEEW, and private-sector were in attendance to lead the way. Learn more here.
RMI RELEASED REPORT ON TEXTILES AS PART OF BLOOMBERG PHILANTHROPIES-SUPPORTED SERIES ON CUTTING PETROCHEMICAL DEMAND
In the final installment of its Bloomberg Philanthropies-supported series on cutting petrochemical demand, RMI released a new report, We Can Cut Petrochemicals Use Today: Textiles examining the large demand-reduction opportunity in the clothing industry. This report details the impacts of the rise of synthetic fiber use in clothing and the sustainability trade-offs of producing bio-based and recycled fibers as alternatives. The report also includes recommendations for policy makers, regulators and other key actors. Learn more here.
BLOOMBERG PHILANTHROPIES SUPPORTED WEBINAR TO HELP U.S. SUBNATIONALS ACCESS FEDERAL FUNDING FOR DECARBONIZATION AND CLEAN ENERGY PROJECTS
Bloomberg Philanthropies supported RMI and World Resources Institute (WRI)’s informative webinar to launch the new AFFORD (America’s Federal Funding Opportunities and Resources for Decarbonization) tool. AFFORD makes it easy for state and local governments, tribes, higher education, faith, health care, and cultural institutions to find, compare, and prioritize federal funding opportunities for clean energy and decarbonization projects. AFFORD is the latest upgrade to the tool formerly known as “FFOLD,” now packed with more Inflation Reduction Act incentives and redesigned for easier navigation and a broader audience. Learn more here and watch the recording here.
BLOOMBERG ASSOCIATES SUPPORTED LAUNCH OF DETROIT NEIGHBORHOOD SOLAR INITIATIVE
Detroit Mayor Mike Duggan announced 9 finalist sites for the City’s Solar Neighborhoods Initiative, which aims to transform vacant lots into solar fields to offset the power used in all of the city’s 127 municipal buildings. These sites were proposed by local residents and community groups, who will receive community benefits of $25,000 per acre of land converted to solar. Bloomberg Associates helped design and launch this groundbreaking program that will host 33 megawatts of solar arrays – supporting Detroit residents in building their clean energy economy. Learn more here.
BLOOMBERG PHILANTHROPIES BEYOND CARBON CAMPAIGN CELEBRATED THE ANNOUNCED RETIREMENT OF U.S. COAL PLANT #374
Bloomberg Philanthropies’ Beyond Carbon partner Sierra Club announced the retirement of the Warrior Run coal plant in Maryland, which AES Corporation announced they will close in June 2024. The 23-year-old facility in Cumberland was the last remaining coal-fired power plant in the state without plans to cease operations. With this announcement, Maryland joins 14 other states that either no longer have operating coal plants or where all remaining coal plants in operation have committed to retirement by 2030. For over a decade, the Sierra Club’s Beyond Coal Campaign has partnered with Bloomberg Philanthropies to fight climate change, improve public health, and reduce pollution across the United States. Learn more here.
BLOOMBERG PHILANTHROPIES SUPPORTED NEW REPORT ON LEVERAGING INFRASTRUCTURE INVESTMENT IN SOUTH AFRICA TO CREATE A SUSTAINABLE SPECIAL ECONOMIC ZONE
With the support of Bloomberg Philanthropies and ClimateWorks Foundation, GreenCape published a new case study, Leveraging infrastructure investment to create a sustainable special economic zone: A case study of Stripform Packaging, which explores an Atlantis special economic zone (SEZ) pilot project for energy which demonstrates an innovative approach to owning a revenue-generating asset with a shared revenue model. This case study was written for SEZs and industrial parks in South Africa looking to reduce their carbon footprint, promote energy security and reduce the cost of electricity for their tenants while creating alternative revenue streams for the long-term sustainability of an SEZ. Read the case study here.
BLOOMBERG OCEAN INITIATIVE PARTNER NATIONAL GEOGRAPHIC’S PRISTINE SEAS ANNOUNCED NEW SPERM WHALE RESERVE IN DOMINICA
With the support of Bloomberg Ocean Initiative partner National Geographic’s Pristine Seas, Dominica announced its commitment to establish a Sperm Whale Reserve in their waters. Protecting the country’s whales sequesters as much carbon as taking 5,000 cars off the road every year and bolsters the local economy while paving the way for other countries to safeguard this at-risk species elsewhere. National Geographic Pristine Seas partnered with the Government of Dominica to conduct an expedition to survey the diversity and condition of its marine environment, as well as produce a scientific report and documentary film. In addition, Pristine Seas partnered with Dynamic Planet to conduct an economic analysis of the value of Dominica’s marine environment and assess the potential economic and ecological gains from stronger marine conservation policies. Read more here.
BEYOND PETROCHEMICALS AND BURNA BOY PUBLISHED A LETTER TO END PLASTIC POLLUTION AT INC-3 IN NAIROBI
At the Intergovernmental Negotiating Committee (INC-3) negotiations in Nairobi, Bloomberg Philanthropies’ Beyond Petrochemicals Campaign helped Nigerian artist Burna Boy submit a letter to the High Ambition Coalition. In the letter he called attention to the pollution ridden state of his home city and urged leaders to “heed the voices of those most acutely affected by this environmental crisis” – a call to urgently address the plastics crisis. The partnership aimed to use music to strengthen awareness across all barriers and divides. Read the letter here.
BLOOMBERG PHILANTHROPIES PARTNERS AND GFANZ SUPPORTED A ROUNDTABLE TO DISCUSS FINANCING INDONESIA’S JUST ENERGY TRANSITION PARTNERSHIP
The Glasgow Financial Alliance for Net Zero (GFANZ) and Bloomberg Philanthropies’ partner PT Sarana Multi Infrastruktur (PT SMI), in collaboration with the Just Energy Transition Partnership (JETP) Secretariat organized a Focused Group Dialogue (FGD) on financing Indonesia’s JETP. The roundtable solicited comments from business, finance, and investment communities as part of the public consultation process for Indonesia’s JETP Comprehensive Investment and Policy Plan (CIPP). Participants included representatives from related ministries, banking associations, industry groups for investment, and project developers.
BLOOMBERG OCEAN INITIATIVE SUPPORTED CREATION OF TWO NEW MARINE PROTECTED AREAS IN PAPUA NEW GUINEA
With the support of the Bloomberg Ocean Initiative, Wildlife Conservation Society, and others, Papua New Guinea announced over 16,000 km2 of new Marine Protected Areas (MPAs) in New Ireland Province, a move that more than tripled ocean protections across the country. The massive, community-led process took nearly seven years and involved over 9,000 local people from more than 100 coastal communities in the design process. The two new, nearshore MPAs are a major win for Papua New Guinea, Indigenous Peoples, and critically endangered sharks, rays, and turtles – a model of community and government partnership on the road to achieve the global “30×30” target. Learn more here.
BLOOMBERG PHILANTHROPIES SPONSORED THE PARIS PEACE FORUM
Bloomberg Philanthropies sponsored the Paris Peace Forum, which convened dozens of key players in the climate fight including President of France Emmanuel Macron and Alice Carr, GFANZ Director of Public Policy. The Forum included relevant and timely topics in the lead up to COP28 such as climate finance, the Sustainable Development Goals, sustainable carbon markets, protecting people and the planet and more. Watch all session here.
BLOOMBERG PHILANTHROPIES’ BEYOND PETROCHEMICALS CAMPAIGN AND WWF CONVENED STAKEHOLDERS TO ADVOCATE FOR AN AMBITIOUS PLASTICS TREATY DURING INC-3 IN NAIROBI
At the third session of the Intergovernmental Negotiating Committee (INC-3) to develop an international legally binding treaty on plastic pollution, Bloomberg Philanthropies’ Beyond Petrochemicals Campaign and WWF co-hosted a stakeholder event on the eve of negotiations emphasizing the need to ensure an ambitious and just agreement that reduces petrochemical and plastic production and consumption to protect people and the planet. Beyond Petrochemicals’ Executive Director Heather McTeer Toney spoke on a panel alongside local leaders and advocates, to help set the tone for the negotiation week and ensure a treaty draft would address existing threats to health, climate, nature, and human rights, particularly for those living in close proximity to petrochemical facilities. Watch the livestream here and see event highlights here.
A REPORT PUBLISHED BY BLOOMBERGNEF IN PARTNERSHIP WITH BLOOMBERG PHILANTHROPIES SHOWED SOLAR IS BOOMING IN SOUTH AFRICA AS COAL DECLINES
A BloombergNEF analysis found that the rapid uptake of solar power in South Africa is transforming the country’s once coal-heavy power system and will continue to do so over the next few decades. The report’s economics-led scenario showed that the deployment of new wind and solar by 2030 will grow to supply over a third of South Africa’s power mix, and in turn, lower demand for coal generation by 28% by 2030 from 2021 levels, further cutting emissions produced by the coal-heavy grid by almost a third. The report indicates that over the next two decades, the power system transition will require $111 billion of investment in new generating capacity, according to BNEF’s Economic Transition Scenario. Of this, 87% goes to zero-carbon plants, tripling the historical investment rate. Read more here.
MIKE BLOOMBERG CONVENED WORLD LEADERS AT SIXTH ANNUAL BLOOMBERG NEW ECONOMY FORUM IN SINGAPORE
Mike Bloomberg kicked-off the sixth annual Bloomberg New Economy Forum in Singapore. The Forum featured in-person panel discussions, keynote interviews, bilateral meetings and breakout sessions across a robust three-day program. Plenary program highlights include panel discussions on, ‘The Rise of Economic Statecraft’, ‘Setting the Agenda for COP 28’, ‘Power Grab: The Global Struggle for Energy Security’ and ‘Re-Evaluating the Chinese Economy’. The Forum, an important springboard for high-level discussions ahead of the 2023 Asia-Pacific Economic Cooperation Leaders’ Summit (APEC) in San Francisco, came at a critical moment for leaders, as geopolitical stresses and extreme climate events erode the stability of the world’s economy. During the Forum, Mike met with the 2023 class of Bloomberg New Economy Catalysts, a global group of 20 founders, entrepreneurs, scientists and visionaries whose remarkable contributions and ideas have helped create a more sustainable, inclusive and prosperous world. Learn more here.
MIKE BLOOMBEG APPLAUDED C40 CITIES’ NEW CO-CHAIR MODEL, WITH LONDON AND FREETOWN MAYORS AT THE HELM
C40 Board President Mike Bloomberg applauded C40 Cities’ announcement of the Mayor of Freetown Yvonne Aki-Sawyerr as co-chair of the organization, in a move to champion inclusive global leadership in climate action. Joining fellow co-chair Mayor of London Sadiq Khan, the co-chairs will play a key role in raising the bar on climate ambition around the world and advocating for the role of cities in addressing the climate crisis. Mayor Khan requested an updated leadership model to not only represent a commitment to celebrate and uplift the significant contributions of Global South cities in addressing the climate emergency but to enable their voices to be heard. Recognizing the importance of Global South voices in the fight against the climate emergency, newly elected co-chair Mayor Aki-Sawyerr will be leading the C40 mayoral delegation to COP28 in Dubai. Read more about the announcement here.
MIKE BLOOMBERG WELCOMED NEW YORK CLIMATE EXCHANGE’S NEW CEO
The New York Climate Exchange announced its CEO, Dr. Stephen Hammer, to lead the first-of-its-kind, cross-sector nonprofit organization dedicated to climate research, solution development, education, workforce training, and public programs on Governors Island. The institute, led by Stony Brook University, was established in April 2023 and backed by a $50 million contribution from Bloomberg Philanthropies to research and develop innovative climate solutions that will be scaled across New York City and the world and that will equip New Yorkers to hold the green jobs of the future. Learn more here.
BLOOMBERG AMERICAN HEALTH SUMMIT CONVENED IN BALTIMORE
Over the course of three days from Baltimore, more than 500 Bloomberg fellows, faculty, and public health leaders came together for the sixth Bloomberg American Health Summit to engage, plan, and discover how uncommon connections and partnerships are fueling advances in health across the country. The live plenary included panels addressing environmental topics, including protecting disadvantaged communities from the health impacts of climate change, structural racism and the environment, and connecting food systems and climate change.
The summit, part of the Bloomberg American Health Initiative (BAHI), was established at Johns Hopkins University in 2016 to endow faculty positions, master’s and doctoral degree student fellows, public health research, and an annual national summit all seeking to address five of the biggest public health challenges facing the United States: addiction and overdose; environmental challenges; obesity and the food system; risks to adolescent health; and violence. Learn more here and watch the livestream here.
BLOOMBERG INTELLIGENCE LAUNCHED FIRST ESG MARKET NAVIGATOR SURVEY
At a time when the concept of Environmental, Social and Governance (ESG) has come under intense pressure, Bloomberg Intelligence’s inaugural ESG Market Navigator survey has found that ESG remains a backbone of financial markets and corporate strategy, driven by global regulation, consumer demands and competitive ambitions. The survey, conducted in collaboration with Bloomberg New Economy, canvassed the views of 250 C-suite executives and 250 investors globally. Key findings included that 85% of investors and companies surveyed plan to boost ESG investment over the next five years, 84% of executives say ESG helps deliver a more robust corporate strategy, and 85% of investors reported that ESG leads to better returns, resilient portfolios and enhanced fundamental analysis. Read more here.
BLOOMBERG PHILANTHROPIES AND INTERNATIONAL PARTNERS ANNOUNCED RETURN OF THE OCEAN PAVILION AT COP28
Bloomberg Philanthropies joined dozens of international partners to announce the return of the Ocean Pavilion at COP28. The pavilion, led by the Woods Hole Oceanographic Institution (WHOI) and Scripps Institution of Oceanography at the University of California San Diego, returns for a second year to underscore the integral role of our ocean in climate and serve as the central hub for conference delegates to exchange ideas on addressing the climate crisis by leveraging ocean science and solutions. Throughout COP28, the pavilion will feature more than 80 events, meetings, and in-depth discussions that elaborate on a set of conference themes, including Rising Seas, Climate & the Living Ocean, and Blue Economy & Finance. Learn more here.
BLOOMBERG PHILANTHROPIES PARTNERS ANNOUNCED THE MULTILEVEL ACTION & URBANIZATION PAVILION AT COP28
ICLEI – Local Governments for Sustainability and UN-Habitat, the United Nations entity responsible for sustainable urbanization, announced plans for a joint pavilion at COP28. The Multilevel Action & Urbanization Pavilion will serve as a global stage for the city and subnational climate agenda at COP28. The Pavilion will bring into focus not only the challenges and needs, but also the accomplishments and commitments of local and subnational actors on climate action. The Pavilion is co-hosted by the Scottish Government and Bloomberg Philanthropies in partnership with the Global Covenant of Mayors and C40. Learn more here.
BLOOMBERG PHILANTHROPIES SUPPORTED LAUNCH OF NEW CENTER OF EXCELLENCE ON AIR QUALITY IN INDIA
Bloomberg Philanthropies supported the Indian Institute of Technology (IIT) Kanpur’s establishment of a new Center of Excellence on Advanced Technologies for Monitoring Air-quality iNdicators (ATMAN), in partnership with Open Philanthropy and the Clean Air Fund. The center will focus on building low-cost sensor manufacturing and Artificial Intelligence and Machine Learning capabilities. This cutting-edge Center of Excellence will help advance air quality management across urban and rural areas of India, a key step toward addressing air pollution. Learn more here.
BLOOMBERG PHILANTHROPIES SUPPORTED PRE-COP28 DIALOGUE IN INDIA, INCLUDING LAUNCH OF POLICY BRIEF ON ADAPTATION
The Energy and Resources Institute (TERI), a Bloomberg Philanthropies partner, organized an in-person National Dialogue on “Road to Dubai: From G20 to COP28” at the India Habitat Centre in New Delhi, with approximately 75 attendees including diplomats and representatives from think tanks, civil society, private, international and multilateral organizations. The event was organized as part of TERI’s COP28 Compass, a component of its Act4Earth initiative, which was previously launched at the World Sustainable Development Summit. A Policy Brief – “Road to Dubai and the Global Goal on Adaptation” – was also released, which reviews the discussions around the Global Goal on Adaptation (GGA) framework to provide perspectives on what could be a robust, equitable, and flexible outcome of the GGA process at COP28. Learn more here.
BLOOMBERGNEF RELEASED THE 2H 2023 US CLEAN ENERGY MARKET OUTLOOK
The BloombergNEF report predicted that a staggering 619 gigawatts of solar, wind and storage will come online between 2023 and 2030 in the United States – which is 19 gigawatts higher than what was predicted earlier this year in BNEF’s 1H 2023 US Clean Energy Market Outlook. The latest outlook found that while structural constraints such as permitting, grid connections and higher cost of capital threaten clean energy buildout, they are outweighed by equipment cost declines, load growth and strong demand for new clean power supply. The report found that home solar is expected to lead the incoming US solar boom and that onshore wind installation is expected to grow later in the decade due to tax credit certainty from the Inflation Reduction Act and the easing of transmission and permitting constraints. Read the full outlook here.
BLOOMBERG PHILANTHROPIES SUPPORTED THE INTERNATIONAL SOLAR ALLIANCE’S GLOBAL SOLAR FACILITY FUND
Bloomberg Philanthropies announced support for the Global Solar Facility launched by the International Solar Alliance at their sixth assembly in New Delhi. The fund is designed to catalyze solar investments in underserved segments and geographies across Africa, unlocking commercial capital in the process. The Global Solar Facility aims to further clean energy access in 35-40 million African households by 2030 and benefit around 200 million people in the region. The Global Solar Facility is set to receive a capital contribution of $35 million from Bloomberg Philanthropies, the Children’s Investment Fund Foundation, the Indian Government, and The International Solar Alliance. Learn more here.
BLOOMBERG PHILANTHROPIES CONVENED SUSTAINABLE U.S. CITIES TO ADVANCE CLIMATE ACTION AND WEALTH EQUITY
Bloomberg Philanthropies convened representatives from over 30 U.S. cities in Atlanta for a three-day workshop to explore local strategies and projects that will leverage federal funding opportunities while reducing climate emissions and advancing racial wealth equity. The workshop spotlighted Bloomberg Philanthropies’ Environment, Government Innovation, and Greenwood Initiative programs to support communities in collaboration with national and local partners to raise their ambition, share learnings, and make progress in the transition to a more sustainable and equitable future.
BLOOMBERG PHILANTHROPIES SUPPORTED THE COAL-TO-CLEAN TRANSITION
Bloomberg Philanthropies sponsored a webinar organized by RMI and the Powering Past Coal Alliance (PPCA) that profiled the opportunities and challenges of addressing the transition of coal plants with long-term power purchase agreements (PPAs). The webinar included a case study of a coal-to-clean power purchase agreement renegotiation in Chile, followed by a panel consisting of independent power producers from Indonesia, GFANZ Financial Institutions, project financers & developers, government officials to explore potential opportunities to transition coal-based PPAs in developing countries such as Indonesia and Colombia. Moderated by clean energy finance expert Juan Vial, the panel brought together perspectives from different geographies and PPA stakeholders, including independent power producers, financial institutions, and electricity regulators. The webinar drew from the Bloomberg Philanthropies-funded RMI report on Unlocking Coal Contracts. Watch the webinar here.
BLOOMBERG PHILANTHROPIES’ BEYOND PETROCHEMICALS CAMPAIGN LAUNCHED A REPORT DETAILING THE DANGERS OF CHEMICAL RECYCLING
Beyond Plastics launched a new report, Chemical Recycling: A Dangerous Deception, funded by Bloomberg Philanthropies’ Beyond Petrochemicals campaign, that exposed the risks and ineffectiveness of chemical recycling in addressing plastic pollution. The report focuses on 11 facilities, revealing their lack of progress, hazards to workers and communities, and contribution to environmental injustice. The report builds on Beyond Petrochemicals’ ongoing work to halt the expansion of petrochemical and plastic pollution in the United States, with a focus on Louisiana, Texas, and the Ohio River Valley. Learn more here.
BLOOMBERG PHILANTHROPIES HELPED LAUNCH THE INDIAN AGRIVOLTAICS ALLIANCE
Bloomberg Philanthropies and the India Climate Collaborative supported the launch of the National Solar Energy Federation of India’s Indian Agrivoltaics Alliance during the first India Agri-Voltaics Summit. The Alliance, consisting of 12 organizations across the agriculture and solar energy sectors, will work with the Ministry of New and Renewable Energy, the Ministry of Agriculture and Farmers Welfare, and the Government of India to drive agri-voltaics in India, ensuring that the nation’s food supply is secure and sustainable. Learn more here.
GFANZ LAUNCHED THE LATIN AMERICA & CARIBBEAN NETWORK TO SUPPORT CLIMATE FINANCE IN THE REGION
During the United Nations Latin America and Caribbean Climate Week (LACCW), the Glasgow Financial Alliance for Net Zero (GFANZ) announced the launch of its Latin America & Caribbean (LAC) Network and the creation of a senior Advisory Board to drive net-zero progress in the region. Latin America and the Caribbean contributes less than 10% of global greenhouse gas emissions yet is one of the most vulnerable regions to a diverse set of climate-related risks. GFANZ Vice Chair Mary Schapiro was joined by leaders throughout the region to announce the new Regional Network in Panama City. The GFANZ LAC Network will work with local financial institutions to accelerate efforts to unlock climate finance in the region. Learn more here.
GFANZ PARTICIPATED IN THE UNITED NATIONS LATIN AMERICA AND CARIBBEAN CLIMATE WEEK
The United Nations Latin America and Caribbean Climate Week (LACCW) was held this week in Panama City, hosted by the Government of Panama. As part of LACCW, the Glasgow Financial Alliance for Net Zero (GFANZ) hosted a session on the power of the financial sector to advance the net-zero transition in Latin America and the Caribbean. The focus of this year’s LACCW was to discuss climate solutions ahead of COP28 and provide a platform for policymakers, practitioners, businesses, and civil society to exchange ideas on climate solutions, barriers to overcome, and opportunities realized in different regions. Learn more here.
BLOOMBERG PHILANTHROPIES AND BEYOND PETROCHEMICALS MET WITH COMMUNITY MEMBERS AFFECTED BY THE PETROCHEMICAL INDUSTRY IN THE OHIO RIVER VALLEY
Beyond Petrochemicals and Bloomberg Philanthropies team members toured the Ohio River Valley, meeting with local organizations as well as community members affected by the petrochemical industry. The visit included a convening of regional groups working to block the expansion of the petrochemical industry, community-led visits to an ethane cracker plant operated by Shell, and a proposed chemical recycling plant in Youngtown, Ohio. The delegation also visited with community members in East Palestine, Ohio where the derailment of a train carrying hazardous chemicals including vinyl chloride, as well as a subsequent burn of those chemicals, led to serious health problems for many local families. Leaders from the delegation also met with Mayor Jamael Tito Brown of Youngstown, Ohio to discuss local opposition to the proposed SOBE Chemical Recycling Plant.
BLOOMBERG FINANCIAL PRODUCTS AND RISKTHINKING.AI LAUNCHED PHYSICAL RISK INDICATORS TO FACILITATE CLIMATE-RELATED RISK MANAGEMENT
Reliable assessments of physical hazards must be built on large amounts of geospatial and climate data, and account for the uncertainty inherent in future projections. To meet this challenge, Bloomberg Financial Products has collaborated with Riskthinking.AI, combining our data on more than one million physical assets with Riskthinking.AI’s proprietary methodology and highly granular set of global climate change projections. The resulting indicators provide a powerful new way to assess exposure to floods, droughts, wildfires and other key perils, enabling investors and companies to assess the physical risk level of assets and reference those indicators for reporting on climate-related risks, in line with recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), the IFRS Sustainability Disclosure Standards, and the European Corporate Sustainability Reporting Directive (CSRD). Learn more here.
BLOOMBERG LP HOSTED LEADERS IN BRUSSELS TO HELP DRIVE SUSTAINABLE CITY PLANNING
Bloomberg LP convened leaders from across the European Union to discuss how smart design can advance the European Green Deal. After a keynote speech by Iliana Ivanova, European Commissioner for Innovation, Research, Culture, Education and Youth, leaders from across sectors shared expertise on how to transform cities into more sustainable, inclusive, and safer spaces. Panelists, including Elke Van den Brandt, Brussels’ Minister in charge of Mobility, Public Works and Road Safety and Andy Deacon from Bloomberg Philanthropies’ partner the Global Covenant of Mayors for Climate & Energy (GCoM), explored methodologies for delivering sustainable change, focusing on re-imagining public spaces and adapting proven solutions.
BLOOMBERG OCEAN INITIATIVE HELPED LAUNCH A MARINE SCIENCE EXPEDITION IN MICRONESIA
Supported by the Bloomberg Ocean Initiative, National Geographic’s Pristine Seas and Blue Prosperity Micronesia launched an expedition in the Federated States of Micronesia (FSM) to conduct a nationwide assessment of the marine ecosystems. The expedition is part of a five-year program supported by Bloomberg Philanthropies to advance efforts by Pacific communities and governments to safeguard the ocean by helping them to establish Marine Protected Areas (MPAs) and make progress toward the global goal of protecting 30% of the ocean by 2030. Along with collecting data that will help fill in research knowledge gaps in the region, the expedition’s team of researchers and scientists will also host several educational events. Learn more about the historic expedition here.
BLOOMBERG PHILANTHROPIES’ PARTNERS HELPED SHOWCASE RENEWABLE ENERGY MANUFACTURING AT THE ASIAN AND PACIFIC ENERGY FORUM IN BANGKOK
Bloomberg Philanthropies’ partners showcased the opportunity for the ASEAN region to emerge as a major hub for renewable energy manufacturing at the Asian and Pacific Energy Forum 2023 in Bangkok. Co-hosted with the ASEAN Center for Energy, the session highlighted key takeaways from the Renewable Energy Manufacturing: Opportunities for Southeast Asia report released by Bloomberg Philanthropies, the Asian Development Bank (ADB), SEforALL, and the ClimateWorks Foundation earlier this year and engaged regional and national stakeholders to turbocharge the clean energy transition in Southeast Asia. Increased cooperation between government, the private sector, and multilateral organizations, and intra-regional collaboration is critical. Learn more about the forum here.
BLOOMBERG PHILANTHROPIES’ BEYOND PETROCHEMICALS CAMPAIGN PROMOTED A HEALTHIER AND GREENER FUTURE IN SOUTHWEST LOUISIANA
The Southwest Louisiana Health & Environment Summit, sponsored by Bloomberg Philanthropies’ Beyond Petrochemicals campaign and hosted by partners the Micah 6:8 Mission and Healthy Gulf, brought together a coalition of local residents, environmental leaders, health care workers, and non-governmental organizations to advocate for the health of their community. The summit included presentations, interactive workshops, toxic tours, and panel discussions focused on public health and the history of industrial pollution in the region. Learn more about Beyond Petrochemicals here.
BLOOMBERG PHILANTHROPIES JOINED THE POWERING PAST COAL ALLIANCE TO SUPPORT COAL TRANSITION IN COLOMBIA
Bloomberg Philanthropies participated in a technical workshop with the Powering Past Coal Alliance (PPCA) and the Government of Colombia in Bogota following Colombia’s announcement of joining the alliance at last month’s Bloomberg Transition Finance Action Forum. Hosted in collaboration with the British Embassy, discussions focused on Colombia’s current priorities on coal phase-out and how to advance the transition in the country. They included experience and knowledge sharing from experts and PPCA partners such as RMI to policymakers as Colombia designs and delivers the country’s energy transition plans. Learn more here.
BLOOMBERG CITIES IDEA EXCHANGE LAUNCHED TO ACCELERATE THE SPREAD OF SUCCESSFUL CIVIC INNOVATION
At Bloomberg CityLab 2023, Mike Bloomberg announced the launch of the Bloomberg Cities Idea Exchange, a first-of-its-kind initiative that will turbocharge the efforts of thousands of local governments to adapt and replicate ideas from other cities that address their most acute challenges, including confronting climate change. Through a $50 million investment, the Bloomberg Cities Idea Exchange will provide a unified program for local governments to source proven ideas across a range of emerging issues, transfer implementation knowledge between cities, adapt effective solutions for their local contexts, and measure the impact of their interventions. The initiative will include grants for more than 40 cities to implement evidence-backed ideas from other cities. Learn more here.
BLOOMBERG PHILANTHROPIES ANNOUNCED NEW U.S. CITIES TO RECEIVE UP TO $1 MILLION FOR PUBLIC ART PROJECTS ADDRESSING CLIMATE CHANGE
Bloomberg Philanthropies announced the eight winning cities for the third Public Art Challenge, each of which received grants of up to $1 million for temporary public art projects that address urgent civic issues. The Public Art Challenge encouraged mayors to partner with local artists, highlighting the value of including the creative sector in developing solutions to pressing urban challenges. This year, two of the awarded cities focused on installations addressing climate change: Phoenix, AZ’s project will center around shading and cooling installations in response to extreme urban heat while Salt Lake City, UT’s project will include installations in Salt Lake City’s 7 city council districts and along the Great Salt Lake highlighting persistent drought that threatens to dry out the Lake in the next decade. Learn more here.
BLOOMBERG ASSOCIATES UNDERSCORED THE VITAL ROLE OF URBAN FORESTS AT THE WORLD FORUM ON URBAN FORESTS
The second World Forum on Urban Forests capped off five days of programming in Washington, DC with a day-long Cities Forum organized by Bloomberg Associates, the Arbor Day Foundation, and the UN Food and Agriculture Organization (FAO). Bloomberg Associates’ Adam Freed and Jacob Koch joined local government and NGO leaders from around the world to highlight how urban forests can improve access and equity, protect residents in an age of extreme weather, and scale impact through partnerships. Learn more here.
10TH ANNUAL BLOOMBERG CITYLAB SUMMIT EXPLORED INNOVATIVE CLIMATE AND POLICY SOLUTIONS IN CITIES
Bloomberg CityLab, 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. Sessions focused on environmental justice, transforming streets and mobility options, and solving sweeping societal challenges such as climate change. Notable speakers and participants included mayors and city officials from over 200 cities spanning 40 countries and six continents across the globe. Among them were White House Infrastructure Coordinator Mitch Landrieu, Maryland Governor Wes Moore, Transportation Secretary Pete Buttigieg, and more. Learn more about Bloomberg CityLab here.
AMERICA IS ALL IN SHOWCASED THE CLEAN ENERGY BENEFITS OF THE INFLATION REDUCTION ACT IN COLUMBUS
America Is All In, co-chaired by Mike Bloomberg, stopped in Columbus, Ohio as their third stop on the “Cash In on Clean Energy” Tour, where experts led a workshop on utilizing the Inflation Reduction Act to help businesses, governments, and community leaders reduce emissions. Officials, including Former Administrator of the Environmental Protection Agency and America Is All In’s Managing Co-Chair Gina McCarthy, provided expert information about direct pay, tax credits, as well as specific clean electricity, buildings, and transportation incentives. Learn more about the event here.
BLOOMBERGNEF RELEASED ITS LATEST ENERGY STORAGE MARKET OUTLOOK SHOWING A SIGNIFICANT INCREASE IN GLOBAL ENERGY STORAGE
BNEF’s 2H 2023 Energy Storage Market Outlook indicated that three years into the decade of energy storage, deployments are on track to hit 42GW/99GWh, up 34% in gigawatt hours from its previous forecast. China is solidifying its position as the largest energy storage market in the world for the rest of the decade. Government investments and policies are starting to bear fruit as project pipelines grow larger due to new capacity auctions and utility proposals. Yet, there are still uncertainties within the market. The case for long-duration energy storage remains unclear despite a flurry of new project announcements across the US and China. To read more, visit this link.
BLOOMBERG PHILANTHROPIES AND COP28 CONVENED LEADERS TO DISCUSS URBAN CLIMATE FINANCE AT MIDDLE EAST AND NORTH AFRICA CLIMATE WEEK
Bloomberg Philanthropies partnered with the COP28 Presidency, C40, Global Covenant of Mayors for Climate & Energy, ICLEI, UN-Habitat, and World Bank at the Middle East and North Africa Regional Climate Week to discuss solutions for unlocking finance for city-scale transformation through multi-level governance. The session focused on ensuring finance is available and accessible for city-scale action and showcased how local leaders in the region are undertaking action to contribute and support their national government’s climate targets. Watch the session here.
BLOOMBERG PHILANTHROPIES SUPPORTED BALI’S NET-ZERO IMPLEMENTATION
Bloomberg Philanthropies and ViriyaENB supported workshops on urban mobility and achieving 100% renewable energy on Nusa Panida, one of Bali Province’s islands. Designed to drive progress toward achieving Bali’s 2045 Net-Zero Emissions target and support the Bali Transport Agency and Bali Energy Agency, the workshops emphasized cross-sectoral collaborations and included leaders from the land use and agriculture sectors to align efforts in deploying renewable energy technologies, promoting EVs adoptions and establishing low emission zones.
BLOOMBERGNEF CONVENED CLIMATE POLICY, BUSINESS, AND TECHNOLOGY EXPERTS IN LONDON
BloombergNEF convened over 600+ leaders from energy, finance and technology to discuss the global transition to net zero in London at its annual BloombergNEF Summit. Key issues explored at the event included what Europe must do to invest more in a range of clean-energy technologies, the need for bolstering the electric grid and balancing the shift to renewables from fossil fuels. Speakers included leaders from Octopus Energy Ltd., Iberdrola SA and LONGi Solar, as well as government officials such as Poland’s Undersecretary of State, Ministry of Climate and Environment, Adam Guibourge-Czetwertynski. Learn more about the event here.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES RELEASED SIXTH AND FINAL REPORT
The Task Force on Climate-Related Financial Disclosures (TCFD) released its sixth and final report that highlighted the steady momentum in companies disclosing the Task Force’s recommended information but emphasized the need for more progress. The TCFD report showed that 58% of companies disclosed in line with at least five of the 11 recommended disclosures — but only 4% disclosed all 11 that the TCFD recommends. Since its inception in 2015, the TCFD, chaired by Mike Bloomberg, has made tremendous strides in bringing greater transparency to financial markets for both climate related-risks and opportunities and provides the forward momentum necessary to more fully integrate climate data into the global economy and spur more private investment in clean energy. Read more about the report here.
BLOOMBERG PHILANTHROPIES SUPPORTED RELEASE OF NEW REPORT SHOWING U.S. UTILITIES ARE FAILING TO MEET THEIR CLEAN ENERGY TARGETS
Bloomberg Philanthropies’ Beyond Carbon campaign supported the Sierra Club’s third annual Dirty Truth Report that details how U.S. utility companies are overwhelmingly failing to act on climate and fulfill their pledges to transition to clean energy. The report showed that despite dozens of utilities pledging to become “carbon neutral” by 2050, nearly all utilities in the United States lack the plans needed to achieve those commitments and are making little to no progress in moving from fossil fuels to clean energy. Antha Williams, who leads Bloomberg Philanthropies’ Environment program, said, “the chokehold that fossil fuels continue to have on utilities is unacceptable and a disservice to the young people and children who will pay a steep price for continued inaction and indifference to the climate crisis. Utilities must buck the short-term pressure of sticking with fossil fuels for the long-term prosperity of reliable, affordable, and clean energy for all.” Learn more here.
MARY SCHAPIRO APPLAUDED THE U.K. TRANSITION PLAN TASKFORCE’S FINAL DISCLOSURE FRAMEWORK
The U.K. Transition Plan Taskforce (TPT) released the TPT Disclosure Framework, its final guidance to help organizations create credible and robust business plans to transition to net zero emissions. As part of the launch, Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), welcomed the final guidance and commended the leadership of UK policymakers and the private sector. The framework, which builds on the best practice framework developed by GFANZ in 2022, will play a critical role in ensuring that UK companies and financial institutions develop and disclose comprehensive transition plans needed to drive the net zero transition. Read the full report here.
BLOOMBERG PHILANTHROPIES SUPPORTED RELEASE OF NEW REPORT DETAILING HOW TO DECREASE HARMFUL PETROCHEMICAL POLLUTION IN BUILDINGS
Rocky Mountain Institute (RMI) released a new paper, supported by Bloomberg Philanthropies’ Beyond Petrochemicals campaign, detailing how buildings significantly contribute to petrochemical pollution, with building walls, floors, and insulation using nearly 10% of petrochemical-based materials. Petrochemicals are derived from oil and gas and their production emits toxic chemicals, carcinogens, emissions into the air and water, making them a triple threat to public health, the environment, and climate progress. But RMI also details the petrochemical-free alternatives that the industry can utilize and the concrete ways decision-makers can limit the potential for buildings to add harmful pollutants and emissions into local communities. Read the paper here.
BNEF HOSTED THE SECOND ANNUAL BLOOMBERG BOSTON BATTERY BASH
BloombergNEF hosted the 2nd annual Bloomberg Boston Battery Bash event, connecting 50 local industry participants for an afternoon of insights and networking on how the battery market is shaping up, one year since the Inflation Reduction Act was passed. The content spanned “from earth to engine”, including opportunities and challenges for battery supply chains, EV investments, and the broader energy storage market. BNEF also presented findings from its latest 2H 2023 Energy Storage Market Outlook and moderated a panel with Redwood Materials, eZinc and LG Energy Solution Vertech. To read about the key takeaways from the report, please visit this link.
BNEF RESEARCH SHOWED REGIONAL INVESTMENT IN LOW-CARBON ENERGY IS SHORT OF NET-ZERO PATH
Staying on track for net-zero emissions requires at least $4 dollars to be spent on low-carbon energy supply for every dollar that goes to fossil fuels throughout this decade. BloombergNEF’s latest “Energy Supply Investment for Net Zero: Regional Ratios” report shows that globally, the energy transition is moving in the right direction, albeit slowly with 1:1 fossil fuel to low carbon supply investment ratio in 2022 (up from around 0.5:1 in 2015 – the year the Paris Agreement started). However, this is not aligned to a 1.5C and net-zero trajectory and currently no regions are on track to align with the required ratios. The report further outlines investments required at a regional level and notes that the key differences in levels of investment are a result of the presence or absence of existing energy supply resources and associated government policies, resulting in differing starting points when it comes to investment requirements.
BLOOMBERG LP CONVENED INVESTORS AND BUSINESS LEADERS TO DISCUSS CLIMATE FINANCE AND SCALING CLIMATE SOLUTIONS
At the Bloomberg Sustainable Business Summit, Bloomberg brought together business leaders and investors to discuss climate innovation and scalable best practices in sustainable business and finance. Held in New York City, the Summit included solutions-driven discussions and community building around three core themes: the Financial Case for Sustainability, where executives shared the inventive ways they are investing in sustainability to help maximize purpose and profits; Making & Measuring Progress, which discussed best practices for collecting and analyzing the right data to effectively communicate and scale a company’s sustainability journey; and Building a Culture of Inclusivity, which highlighted the powerful role social factors play in a comprehensive sustainability strategy. Read more about the Summit here.
BLOOMBERG PHILANTHROPIES HELPED LAUNCH NEW TOOL TO SHOW WHICH U.S. COMMUNITIES ARE MOST VULNERABLE TO CLIMATE IMPACTS
The Environmental Defense Fund, a Bloomberg Philanthropies and Beyond Petrochemicals campaign partner, released the U.S. Climate Vulnerability Index (CVI), a new tool to show where in the U.S. climate action and effective solutions are most urgently needed to help communities most at risk to climate threats. Developed in partnership with Texas A&M University, the CVI uses publicly available data to visualize the climate vulnerability and the conditions that shape it – from quality of housing and access to supermarkets, to proximity to toxic waste sites and number of deaths from air pollution – in communities across the U.S. The tool is not just informative – it also provides resources to help users take action to reduce the disparities and vulnerabilities communities are facing. Explore the CVI here.
BNEF OPENED APPLICATIONS FOR THE BNEF PIONEERS 2024 COMPETITION
For more than a decade, BloombergNEF has identified a group of game-changing technologies or innovations with the potential to accelerate global decarbonization through its BNEF Pioneers program. In 2024, the program will focus on three global net-zero challenges namely, clean power bottlenecks, buildings and better fuels, and will award the Pioneers prize to innovators with scalable, impactful and equitable solutions to these challenges. Learn more about the competition and how to apply here.
BLOOMBERGNEF REVEALED SOLAR WILL BE THE MOST AFFORDABLE ELECTRICITY SOURCE FOR BANGLADESH
A new joint white paper from BloombergNEF and the Tara Climate Foundation highlighted how renewables, and in particular solar, are set to be the cheapest option for Bangladesh to meet the country’s growing electricity demand. BNEF research showed that deploying renewables presents economic and environmental benefits for Bangladesh. Namely, renewables can improve the country’s energy security by lowering dependence on LNG and coal imports while also creating new job opportunities. Read about more takeaways from the report here.
BEST OF BLOOMBERG BROUGHT PARIS COLLEAGUES TOGETHER TO CLEAN UP SEINE RIVER
In the lead up to the 2024 Olympics, colleagues in the Bloomberg LP Paris office came together to clean up the Seine River for our latest Best of Bloomberg (BOB) effort. Picking up waste and other debris along the shores of the Seine, our employees demonstrated how philanthropy and service are an integral part of Bloomberg’s culture and how we all give back to the cities in which we live and work to create lasting impact. Read about our impact in 2022 here, and follow all the great Best of Bloomberg work on Instagram at @BloombergService.
MIKE BLOOMBERG CALLED FOR INCREASED INVESTMENT AND CLIMATE ACTION AT THE 2023 JAPAN CLIMATE ACTION SUMMIT
Supported by Bloomberg Philanthropies, the Japan Climate Initiative’s Japan Climate Action Summit (JCAS) convened leaders from across government, private business, philanthropy, civil society, and more to build momentum for climate action in Japan and around the world. In video remarks, Mike Bloomberg highlighted how climate change is affecting every part of the world and what needs to be done to tackle it. The Japan Climate Initiative is the largest coalition of non-state actors working on climate action in Japan. Learn more about the event here.
BNEF REVEALED $84 BILLION HAS BEEN ANNOUNCED IN CLEANTECH MANUFACTURING INVESTMENTS IN U.S. SINCE IRA WAS PASSED
Just over a year since the landmark passage of the Inflation Reduction Act (IRA), a renaissance of subsidy-driven industrial growth is starting to yield results. BloombergNEF published a research note that found that since the passage of the IRA, approximately $84 billion in investments have been announced in clean-tech manufacturing in the U.S. These investments cover a range of sectors, including electric vehicle and battery manufacturing facilities, solar and wind component production, hydrogen electrolyzers, and metals refining.
RMI RELEASED REPORT TO HELP FUEL SUCCESSFUL COAL TRANSITION IMPLEMENTATION
RMI released Breaking Down Silos, a new report sharing lessons learned from the launch of Indonesia’s Just Energy Transition Partnership (JETP) to help speed the country’s move from coal to renewable energy. With support from Bloomberg Philanthropies, the research combined coal plant-level analysis with financial and grid models to evaluate potential tradeoffs and help keep the lights on and costs low during Indonesia’s transition away from coal. The report builds on RMI’s earlier Power Sector brief, which outlined a comprehensive blueprint for coal transition implementation. Read the report here.
ANNUAL CLEAN AIR FUND REPORT REVEALED NEED FOR FUNDING TO ADDRESS THE GLOBAL AIR POLLUTION CRISIS
The Clean Air Fund – a global organization working to create a future where everyone breathes clean air — released its fifth annual State of Global Air Quality Funding 2023 report, which offers the only global snapshot of funding by international development funders to tackle air pollution. Supported by Bloomberg Philanthropies, the report highlights funding gaps and trends in international aid and public climate finance spending from 2015 to 2021, and provides recommendations for governments, bilateral donors and multilateral development banks to address air pollution and climate change jointly, while maximizing resources for people, planet and the economy. Read the report here.
BLOOMBERG PHILANTHROPIES AND SIERRA CLUB HELPED DRIVE RECORD CLEAN ENERGY FUNDING FOR RURAL COMMUNITIES
Supported by Bloomberg Philanthropies, the Sierra Club, and other Beyond Carbon partners, 157 rural electric cooperatives from 40 states and Puerto Rico applied for historic clean energy funding through a new Inflation Reduction Act (IRA) program. These groups submitted applications to the U.S. Department of Agriculture, representing a staggering $93 billion investment across over 750 clean energy projects. These projects could help prevent 127 million tons of greenhouse gas emissions, equivalent to removing 24 million cars for a year. Notably, over 50% of the applications aimed to serve distressed, disadvantaged, energy, or Tribal communities, highlighting the program’s commitment to equitable clean energy advancement. Learn more here.
BLOOMBERG’S NEW SERIES ‘AN OPTIMIST’S GUIDE TO THE PLANET’ WAS FEATURED AT THE LA GREEN TECH FESTIVAL
Bloomberg’s new groundbreaking series, An Optimist’s Guide to the Planet, took center stage at the LA Green Tech Festival. During a conversation with Boaz Paldi, Chief Creative Officer at the United Nations Development Programme, Emmy-nominated host Nikolaj Coster-Waldau delved into the series, exploring its focus on harnessing human will and innovation to address the environmental crisis, while also highlighting inspiring stories of individuals working to positively transform the environment.
GLOBAL INNOVATION LAB FOR CLIMATE FINANCE LAUNCHED NEW SOLUTIONS TO UNLOCK $795 MILLION DECARBONIZATION BOOST FOR EMERGING ECONOMIES
The Global Innovation Lab for Climate Finance, supported by Bloomberg Philanthropies and the governments of Canada, Germany, U.K. and the U.S., endorsed six new innovative financial solutions to scale up mitigation and adaptation financing in emerging economies, including Morocco, Kenya, Brazil, and India. The new class of solutions aims to unlock $795 million in investments in challenging sectors such as climate resilience, conservation, and housing, as well as supercharge emerging economies’ decarbonization efforts. Read more here.
LONDON CLIMATE TECHNOLOGY SHOW PUT THE SPOTLIGHT ON THE SUCCESS OF BREATHE LONDON
Breathe London, an air quality monitoring initiative supported by the Mayor of London Sadiq Khan and Bloomberg Philanthropies, participated in the London Climate Technology Show to showcase the success and impacts of the program. Bloomberg Philanthropies’ Priya Shankar, London Deputy Mayor for Environment and Energy Shirley Rodrigues, and representatives from Clarity Movement Co., Clean Air Fund, Imperial College London, and the local community highlighted the program – now Europe’s largest air quality sensor network with 400+ sensors – and how its success led to Bloomberg Philanthropies’ recent $30 million commitment to launch Breathe Cities to promote clean air in more cities worldwide. Learn more here.
BLOOMBERG PARTNER GLOBAL FISHING WATCH ENTERED PARTNERSHIP WITH PALAU TO ENHANCE DATA TRANSPARENCY IN FISHERIES SECTOR
Bloomberg Ocean Initiative partner Global Fishing Watch announced a new partnership with Palau’s Ministry of Agriculture, Fisheries and Environment to establish a collaborative framework for publicly sharing Palau’s vessel tracking data. The tracking data will be aggregated and shared through the Fisheries Information Management System and the MOU reinforces the shared commitment to the development of robust ocean governance policies – a longstanding priority for Palau. This partnership is one of the many ways that the Bloomberg Ocean Initiative is advancing transparency and using data to protect the health and resilience of marine ecosystems against the growing threat of climate change. Learn more here.
THE INAUGURAL PGII FORUM CONVENED INVESTORS AT BLOOMBERG PHILANTHROPIES TO CLOSE GAPS IN GLOBAL INFRASTRUCTURE FUNDING
Secretary Anthony Blinken and Secretary Janet Yellen co-hosted the inaugural Partnership for Global Infrastructure and Investment (PGI) Investor Forum at Bloomberg Philanthropies. The PGI is an initiative by the G7 to mobilize private capital for sustainable infrastructure in emerging markets. Secretaries Yellen and Blinken were joined by World Bank President Ajay Banga and private sector leaders to discuss ways to strengthen public-private partnerships and close investment and financing gaps in developing countries where the impacts of climate change are being felt the hardest and quality infrastructure is needed the most.
BLOOMBERG PHILANTHROPIES HOSTED THE WORLD BANK INVESTMENT LAB
The World Bank Investment Lab, co-chaired by Mark Carney and Shriti Vadera, Prudential plc chair, kicked off the first of a series of roundtables being held ahead of COP28 where the World Bank Investment Lab will present initial recommendations for using blended finance to scale funding for the global energy transition. The World Bank Investment Lab is focused on identifying new, rapidly scalable solutions to the barriers currently preventing private sector investment in climate projects in emerging economies.
BLOOMBERG PHILANTHROPIES’ BEYOND PETROCHEMICALS CAMPAIGN ANNOUNCED IT HAS SUCCESSFULLY BLOCKED FIVE TOXIC PETROCHEMICAL FACILITIES ON ITS ONE YEAR ANNIVERSARY
One year after Mike Bloomberg launched the Beyond Petrochemicals campaign with an $85 million commitment from Bloomberg Philanthropies, the campaign announced it has successfully blocked the build out of five toxic facilities across the key regions of Texas, Louisiana and the Ohio River Valley. Beyond Petrochemicals has scaled its efforts to a roster of more than 60 community and national partners. By providing resources and coordination, the campaign is helping these partners lead the effort to stop the expansion of the petrochemical industry. Read more here.
AMERICA IS ALL IN ANNOUNCED APPLE’S LISA JACKSON AS NEW CO-CHAIR
America Is All In – the most expansive coalition of leaders ever assembled in support of climate action in the United States – announced that Lisa Jackson, Apple’s Vice President of Environment, Policy and Social Initiatives and a former EPA administrator, joined as a Co-Chair representing the private sector. Lisa accompanied fellow All In Co-Chairs Gina McCarthy and Governor Jay Inslee on stage at the Nest Climate Campus during Climate Week to share their collective vision for how the coalition can rise to current challenges and take full advantage of opportunities for action. Mike Bloomberg and Charlotte Mayor Vi Lyles are also co-chairs of All In with Lisa, Gina, and Gov. Inslee. Watch the video about Lisa’s announcement here.
THE GLOBAL FUND FOR CORAL REEFS CONVENED INVESTORS TO DRIVE IMPACT INVESTMENT IN THE BLUE ECONOMY
On Thursday, the Global Fund for Coral Reefs co-hosted an investor convening in partnership with Bloomberg Philanthropies, Builders Vision, Pegasus Capital Advisors, United Nations Capital Development Fund (UNCDF), and the UN High-Level Climate Champions. Including interventions from Lukas Walton and Mahmoud Mohieldin, this informative and participatory dialogue showcased examples and pathways of private impact investment in the multi trillion-dollar blue economy. The closed session covered topics including investment strategies, deal flow and pipeline, climate adaptation and mitigation impact generation, as well as case studies from GFCR’s blended finance portfolio. The event also included a highlight of the Coral Reef Breakthrough as a compass to drive investment in these natural assets by establishing spatial and funding targets aiming to mobilize actions to conserve, protect, and restore coral reefs at the scale that is needed to secure the future of these vital ecosystems. Learn more here.
GFANZ, IMF, AND WORLD BANK CAPITAL DISCUSSED CAPITAL MOBILIZATION AND PRIORITY ACTIONS AHEAD OF COP28
The COP28 UAE Presidency, International Monetary Fund (IMF), World Bank Group (WBG) and Glasgow Financial Alliance for Net Zero (GFANZ) held a closed-door, high-level roundtable discussion on private capital mobilization for climate investments in emerging markets and developing countries. This was the third in a series of public-private partnership roundtable discussions being held this year to drive substantive progress on capital mobilization. This meeting focused on the priority actions to deliver by COP28.
CDP AND THE NET-ZERO DATA PUBLIC UTILITY (NZDPU) ANNOUNCED A COLLABORATION TO ACCELERATE ACCESS TO CORE CLIMATE DATA
CDP, the global non-profit providing a platform for all companies, financial institutions and cities to report information on their environmental impacts, and the NZDPU, announced a significant step toward making high-quality, comparable global climate transition-related data freely available. A lack of accessible, high-quality and comparable climate data remains one of the most significant barriers to achieving a global net-zero economy. Launched by French President Emmanuel Macron and Mike Bloomberg, the Climate Data Steering Committee (CDSC) recommended the creation of the NZDPU as an open, free, and centralized climate transition-related data repository. Once development is completed, the NZDPU is intended to ultimately be integrated with the United Nations Framework Convention on Climate Change (UNFCCC)’s Global Climate Action Portal. The release of the NZDPU proof of concept at COP28 in December, 2023 will be a major milestone towards achieving this vision. Learn more here.
BLOOMBERG OCEAN INITIATIVE PARTNERED WITH GOVERNMENTS TO SHOWCASE ACTION TO HALT AND REVERSE BIODIVERSITY LOSS TO MEET THE 30X30 GOALS
On the sidelines of the UN General Assembly, the Bloomberg Ocean Initiative supported the High Ambition Coalition for Nature and People, the Global Ocean Alliance, and the Leaders’ Pledge for Nature for a high-level event to demonstrate transformational actions to tackle biodiversity loss and showcase work and progress to protect at least 30 percent of the world’s ocean by 2030. Learn more about the efforts to turn ambition into action here.
U.S. TREASURY MET WITH NGOS, PHILANTHROPY, AND PRIVATE FINANCE GROUPS TO ACCELERATE NET-ZERO EMISSIONS AMBITIONS
The U.S. Treasury, various NGOs, philanthropic organizations, and private finance groups convened at the Bloomberg Transition Finance Action Forum to discuss net-zero climate principles and how to accelerate progress to reaching net-zero. With special appearances by Janet Yellen, Secretary of the U.S. Treasury; Mary Schapiro, Vice Chair of GFANZ; and Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury, these meetings provided a collaborative and supportive forum for each sector to advance the shared vision for a zero emissions future.
WORLD LEADERS GATHERED TO INVIGORATE DEMAND SIDE CARBON MARKETS BY COP28
At the Bloomberg Transition Finance Action Forum, world leaders met for a high-level workshop on the demand-side of voluntary carbon markets to build the foundations of high-integrity markets by COP28. Mark Carney led the meeting with COP28 President-Designate Dr Sultan Al Jaber and Rachel Kyte, Co-Chair, Voluntary Carbon Markets Integrity Initiative (VCMI) where carbon credits and other carbon reduction mechanisms were discussed.
POWERING PAST COAL ALLIANCE, BLOOMBERG PHILANTHROPIES, AND GFANZ HELD THE FIRST GLOBAL CONVENING ON MANAGED COAL PHASE OUT
The Powering Past Coal Alliance (PPCA), Bloomberg Philanthropies, and the Glasgow Financial Alliance for Net Zero (GFANZ) hosted the first global-level convening on managed coal phaseout. This gathering aimed to coalesce efforts around the policies, regulations, and financial mobilization needed to support the early retirement of coal power plants – the greatest contributors to earth’s warming atmosphere and related climate disasters. Learn more about the Powering Past Coal Alliance here.
THE CLIMATE DATA STEERING COMMITTEE (CDSC) CONVENED TO REVIEW PROGRESS ON THE NET ZERO DATA PUBLIC UTILITY (NZDPU)
Launched by French President Emmanuel Macron and Mike Bloomberg, the CDSC recommended the creation of the NZDPU as an open, free, and centralized climate transition-related data repository. Once development is completed, the NZDPU is intended to ultimately be integrated with the United Nations Framework Convention on Climate Change (UNFCCC)’s Global Climate Action Portal. The release of the NZDPU proof of concept at COP28 in December, 2023 will be a major milestone towards achieving this vision. Read more about the CDSC’s work here.
GLOBAL COVENANT OF MAYORS ANNOUNCED €50 MILLION COMMITMENT FROM GERMANY AND LUXEMBOURG TO SUPERCHARGE THE DEVELOPMENT OF CLIMATE-RESILIENT CITY PROJECTS
The governments of Germany and Luxembourg announced they’re injecting €50 million into cities’ fight against climate change. The funding will go to the City Climate Finance Gap Fund (Gap Fund) and supercharge the development of low-carbon and climate-resilient projects in cities. This boost nearly doubled the Gap Fund’s financial muscle, bringing it to an impressive €105 million, solidifying its position as one of the largest players in early-stage technical assistance for city climate initiatives. The Gap Fund benefits from strong partnerships with city networks and global initiatives, including the Global Covenant of Mayors for Climate and Energy (GCOM), co-Chaired by Mike Bloomberg, and other Bloomberg Philanthropies’ supported groups like C40 Cities. Read more here.
MIKE BLOOMBERG AND EUROPEAN COMMISSION EXECUTIVE VICE PRESIDENT MAROŠ ŠEFČOVIČ JOINED GLOBAL COVENANT OF MAYORS FOR CLIMATE & ENERGY IN ADVANCING LOCAL CLIMATE LEADERSHIP AHEAD OF COP28
On the sidelines of the UN General Assembly, European Commission Executive Vice President for the European Green Deal, Interinstitutional Relations and Foresight Maroš Šefčovič and Mike Bloomberg addressed leadership of the Global Covenant of Mayors for Climate and Energy (GCoM), the largest global alliance for city climate leadership. As Co-Chairs of GCoM, both stressed the importance of local and subnational leadership in global climate talks at COP28. Read more here.
GFANZ LAUNCHED A CONSULTATION TO REFINE TRANSITION FINANCE STRATEGIES AND MEASURE THE IMPACT ON EMISSIONS
The Glasgow Financial Alliance for Net Zero (GFANZ) announced a consultation and refinement on the four transition finance strategies created in 2022. The four strategies that will be refined are: the development and scaling of climate solutions; assets or companies already aligned to a 1.5 degrees Celsius pathway; assets or companies committed to transitioning in line with 1.5 degrees C-aligned pathways; and the accelerated managed phaseout of high-emitting physical assets. The consultation is critical to achieving a whole-economy transition as GFANZ announced further support to financial institutions through forecasting the impacts of these strategies on reducing emissions. Read more here.
BLOOMBERG PHILANTHROPIES SUPPORTED THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS PAVILION AT SDG HALFWAY POINT
This year’s 78th United Nations General Assembly marked the halfway point of the Sustainable Development Goals (SDGs). Supported by Bloomberg Philanthropies, the SDG Pavilion at the United Nations’ headquarters hosted a series of “Halftime Talks” — a mix of discussions, talks, demonstrations, and art focused on just and equitable solutions. Melissa Wright, who leads the Bloomberg Ocean Initiative, also moderated a “Nature for Climate” panel discussion during the Halftime Talks. Read more here.
PATTI HARRIS JOINED HEADS OF STATE, HOLLYWOOD STARS AND OCEAN CONSERVATION LEADERS TO APPLAUD COUNTRIES JOINING THE HIGH SEAS TREATY TO IMPLEMENT URGENT OCEAN PROTECTIONS POLICY
During the ‘High Ambition for the High Seas’ event that took place on the margins of UNGA, Bloomberg Philanthropies joined partners to urge countries to join the ‘Race to Ratification’ – an ambitious race to fast-track the ratification of the High Seas Treaty as soon as 2025. Bloomberg Philanthropies CEO Patti Harris, Jane Fonda, Sigourney Weaver, Pew Charitable Trusts, NRDC, Mission Blue, and the High Seas Alliance released public statements in support of the Heads of State and Ministers leading the way to protecting 30% of our ocean by 2030. Read more here.
MIKE BLOOMBERG ADDRESSED GLOBAL LEADERS AT THE UN CLIMATE AMBITION SUMMIT
As world leaders, activists and other influential voices gathered at the United Nations Headquarters for the 78th session of the UN General Assembly, United Nations Secretary-General António Guterres convened the Climate Ambition Summit, where Mike participated in critical conversations regarding the need for accelerated progress toward climate goals. The Summit is a crucial political milestone, showcasing the collective global will to expedite the transition to a fairer, renewable energy-driven, climate-resilient global economy at an accelerated pace and greater scale. Learn more here.
BLOOMBERG PHILANTHROPIES AND THE COP28 PRESIDENCY ANNOUNCED A HISTORIC COP SUMMIT TO SCALE LOCAL CLIMATE ACTION
Against the backdrop of the UN General Assembly, Mike Bloomberg and COP28 President-designate Dr. Sultan Ahmed Al Jaber announced the COP28 Local Climate Action Summit – the first formal forum designed to bring subnational leaders into the COP program and process. The Summit will take place eight years after local leaders first gathered on the sidelines of COP21 to turbocharge climate ambition and will convene hundreds of mayors, governors, and subnational leaders alongside heads of state. Mike and Dr. Al Jaber will be joined by a robust council of local and global climate leaders to ensure strong multi-level partnerships at and following the Summit. Global co-chairs for the Summit are expected to include Xie Zhenhua, Special Envoy for Climate Change of the People’s Republic of China; John Kerry, United States Special Presidential Envoy for Climate Change; Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC); and HE Razan Al Mubarak, UN Climate Change High-Level Champion of COP28. Learn more here.
BLOOMBERG PHILANTHROPIES AND GFANZ ANNOUNCED SUPPORTIVE COMMITMENTS ALONGSIDE U.S. TREASURY’S NEW PRINCIPLES FOR NET-ZERO FINANCING AND INVESTMENT
Bloomberg Philanthropies and the Glasgow Financial Alliance for Net Zero (GFANZ) announced supportive commitments alongside the U.S. Department of the Treasury’s new Principles for Net-Zero Financing & Investment (the Principles) to continue driving forward our net-zero future. The voluntary Principles highlight emerging best practices for private sector financial institutions that have made net-zero commitments and promote consistency and credibility in approaches to implementing them. Philanthropic organizations including Bloomberg Philanthropies announced a $340 million commitment to support the continued development of research, data availability, and technical resources intended to help financial institutions develop and execute robust, voluntary net-zero commitments. Additionally, GFANZ announced that more than 50 U.S. financial institutions – and more globally – will independently publish net-zero transition plans over the next year. Read more here.
MIKE BLOOMBERG, URSULA VON DER LEYEN, JANET YELLEN, MARY SCHAPIRO, MARK CARNEY AND OTHER GLOBAL LEADERS CHARTED PATH FOR NET-ZERO TRANSITION AT THE BLOOMBERG TRANSITION FINANCE ACTION FORUM
The Bloomberg Transition Finance Action Forum, hosted by Bloomberg Philanthropies and Bloomberg LP, brought together leaders from across the public and private sectors to discuss progress to date in transition finance and actions needed to support the net-zero transition in the run up to COP28. Speakers included Mike Bloomberg, Secretary of the Treasury Janet Yellen; Minister of Finance of Brazil Fernando Haddad; Chairman and CEO of MSCI Henry A. Fernandez; HSBC Group Chief Executive Noel Quinn; Chair of Prudential plc and Co-Chair of the World Bank Private Sector Investment Lab Shriti Vadera; UN Special Envoy on Climate Action and Finance and Co-Chair of Glasgow Financial Alliance for Net Zero Mark Carney; and Glasgow Financial Alliance for Net Zero Vice Chair Mary Schapiro. Learn more here.
PRINCE WILLIAM AND MIKE BLOOMBERG COHOSTED THE SECOND EARTHSHOT PRIZE INNOVATION SUMMIT IN NYC
Held during New York Climate Week and the 78th Session of the UN General Assembly, the Summit focused on bringing together policymakers, global business leaders, philanthropists, and climate activists to spotlight and scale groundbreaking solutions that address the world’s most crucial environmental challenges. The Summit also unveiled the fifteen 2023 Earthshot Prize Finalists, each eligible to receive one of five £1 million prizes to be awarded at The Earthshot Prize awards ceremony in Singapore on November 7. For more information about The Earthshot Prize, visit: www.earthshotprize.org
MIKE BLOOMBERG, GINA MCCARTHY AND REV YEARWOOD TOOK THE STAGE AT THE NEW YORK TIMES TO SPOTLIGHT ONE OF THE WORLD’S NEXT MAJOR CLIMATE THREATS: PETROCHEMICALS
Mike Bloomberg, former EPA administrator Gina McCarthy, and Beyond Petrochemicals Campaign Chair and Hip Hop Caucus CEO Reverend “Rev” Yearwood took the stage at the New York Times Climate Forward event to shed light on the toxic petrochemicals industry. Bloomberg Philanthropies’ Beyond Petrochemicals campaign aims to halt the rapid expansion of petrochemical and plastic pollution in the United States by turbocharging existing efforts led by frontline communities to block the rapid expansion of 120+ petrochemical projects concentrated in three target geographies – Louisiana, Texas, and the Ohio River Valley. Mike, Gina, and Rev also discussed the U.S. transition away from fossil fuels to a clean energy economy with event moderator and New York Times reporter David Gelles. Watch the event here.
MIKE BLOOMBERG DOUBLED DOWN WITH AN ADDITIONAL $500M INVESTMENT IN THE BEYOND CARBON CAMPAIGN
With an additional $500 million commitment, Mike turbocharged the Beyond Carbon campaign to help end fossil fuels and usher in a new era of clean energy in the United States. One of the largest philanthropic efforts to fight the climate crisis in the U.S., Beyond Carbon will continue to work towards shuttering all remaining U.S. coal plants, quadrupling the amount of clean energy on the grid, and halving gas use by 2030. Learn more about the Beyond Carbon campaign here.