At COP28 — the UN Climate Change Conference held in Dubai this month — one thing was clear to every global leader, mayor, business executive, and activist in attendance: The world needs to rapidly accelerate climate action.
With that in mind, Mike, Bloomberg Philanthropies, and our partners spent the days at COP announcing new investments, research, initiatives, broad collaborations, and creative solutions that will make a real difference for people and the planet.
This edition of our Impact Newsletter focuses on initiatives unveiled at COP28, from ensuring cleaner air in cities and funding local climate solutions, to tracking private-sector emissions, driving clean energy investments in the Global South, and cutting methane pollution.
The Topline
Key data points
- At the first-ever Local Climate Action Summit, Mike announced a $65 million commitment to bolster local climate action through coalition building, innovation, and local climate finance.
- 41% of people living in cities are breathing dangerously polluted air. Through an expanded Breathe Cities program, 11 cities around the world will work to reduce air pollution by 30% this decade, benefitting the planet — and millions of residents.
- Today it’s possible to compare climate commitments and progress from 400 companies. The launch of the Net-Zero Data Public Utility’s proof of concept is a step toward helping governments, investors, and others transparently track the emissions of more private sector entities, for free.
- A collaboration to cut methane is part of a $40 million commitment by Bloomberg Philanthropies designed to reduce emissions equivalent to 10 gigatons of carbon dioxide by 2030.
- Ocean-based climate interventions could account for nearly 50% of the carbon solutions needed to reach our climate goals. The $250 million Ocean Resilience and Climate Alliance — or ORCA — will help supercharge ocean-based climate action.
- Emerging markets and developing economies need $2.4 trillion in annual climate finance by 2030. The new Global Capacity Building Coalition will help increase the availability and effectiveness of climate finance technical assistance programs for clean energy and resilience in the Global South.
No one feels the urgency for climate action like mayors facing extreme heat, wildfires, flooding, and other climate chaos in the communities they serve. This year, for the first time ever, local leaders were officially invited to take part in COP proceedings.
Hundreds of mayors and local officials came together with global leaders and other stakeholders for the inaugural Local Climate Action Summit. You can watch the first full day of the Summit, with remarks from UN Secretary-General António Guterres, COP28 President & UAE Special Envoy for Climate Change H.E. Dr Sultan al Jaber, Paris Mayor Anne Hidalgo, Mike and others, or see highlights below:
At the Summit, Mike announced a $65 million commitment to accelerate local climate solutions by providing critical support to leading city networks, expanding data and research, and strengthening capacity for local climate finance.
We introduced the Bloomberg Philanthropies Youth Climate Action Fund, which will help tap the energy and urgency young people are bringing to the climate fight by providing mayors with support to engage climate solutions driven by people between 15 and 24 years old.
In addition, the Subnational Climate Action Leaders’ Exchange, or SCALE — an initiative between Bloomberg Philanthropies and the U.S. State Department launched last year at COP27 — marked a successful first year by kicking off a transformational effort to help local leaders cut methane from the waste sector.
The technology challenges of powering the world with clean energy have largely been solved. Today, accelerating the clean energy transition depends on accelerating investments that drive clean energy adoption, especially in emerging markets and developing economies.
At COP28, Mike joined senior leaders of multilateral development banks, finance, and international organizations to launch the Global Capacity Building Coalition, which he called “the broadest coalition ever assembled to increase finance for clean energy and resilience in the Global South.”
To further expand climate investments, investors and others need access to reliable, transparent data about private sector climate efforts. To help provide that data, Mike and French President Emmanuel Macron unveiled the proof of concept for the Net-Zero Data Public Utility, which will be the world’s first global, centralized, open repository for private sector climate transition-related data, freely accessible to all.
From the open ocean to industrial facilities, there are extensive opportunities to cut emissions, boost economic activity, and improve lives with the right solutions.
A new $250 million philanthropic investment will help expand solutions with one of our most powerful and overlooked allies in the climate fight: the ocean. The Ocean Resilience and Climate Alliance, or ORCA, will bring together leading ocean and climate institutions to find creative ways to reduce emissions and protect the ocean.
Every year, urban air pollution affects the health of billions of people, while adding to the climate challenge. After successful pilot projects, the Breathe Cities program announced a new cohort of cities around the world that will be provided with funding, technical support and more to reduce toxic air pollution to improve health, and cut carbon emissions to protect our planet.
To cut methane, one of the most potent greenhouse gases, public and private sector leaders need the ability to accurately track and measure emissions. Through a broad new partnership, Bloomberg Philanthropies is helping provide transparency and accountability on methane emissions from the oil and gas sector.
Heavy-emitting sectors like energy, transportation, and industrial production are some of the most difficult climate challenges to solve. To help make meaningful steps forward in the decarbonization of these and other sectors, the Industrial Transition Accelerator will bring global industry leaders together with policymakers, finance, and technical experts to unlock investment and rapidly scale implementation and delivery of projects needed to cut emissions.
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