Partnership announced at COP28 covers Western Balkans and southern and eastern Mediterranean region
- EBRD and Bloomberg Philanthropies to work together on coal transition
- Partnership will explore mobilising private investment to accelerate local transition efforts
- Renewables deployment to be accelerated, energy infrastructure enhanced
Dubai, UAE – The European Bank for Reconstruction and Development (EBRD) and Bloomberg Philanthropies today announced a partnership to explore advancing coal phaseout and capital mobilisation for the clean energy transition across the Western Balkans and the Southern and Eastern Mediterranean (SEMED) regions.
Together, the EBRD and Bloomberg Philanthropies will support the Just Energy Transition Investment Platform in North Macedonia, launched by the government of North Macedonia, providing an example that can be scaled up to deliver transformational impact across the Western Balkans region.
The partners will also explore how to enable decarbonisation in countries including Morocco, Poland and Türkiye, and how to support the mobilisation of private sector investments in the just transition throughout these regions.
“Mobilising private capital and developing long term strategies for climate action and resilience has never been more important. As a multilateral development bank, our role extends beyond finance; it is about forging impactful collaborations with all stakeholders that can truly turn the tide in the battle against climate change,” said EBRD President Odile Renaud-Basso. “Global philanthropic leaders can play a crucial and tangible role in unlocking climate financing for a just and equitable energy transition in coordination and collaboration with MDBs. In this context, our partnership with Bloomberg Philanthropies is of profound significance and in line with the goals of the Business & Philanthropy Climate Forum at COP28”.
“Phasing out coal as quickly as possible is the single best step we can take to fight climate change and reduce the pollution that sickens and kills so many people,” said Michael R. Bloomberg UN Secretary-General’s Special Envoy for Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies. “Over the last decade, Bloomberg Philanthropies has been working to close coal plants around the world while simultaneously mobilizing efforts to increase clean energy deployment. This new partnership with the EBRD will help us spread the success we’ve had to the Western Balkans and the southern and eastern Mediterranean regions, helping nations transition to clean energy in ways that create jobs and strengthen economies.”
Several countries in the Western Balkans and the Southern and Eastern Mediterranean regions are heavily reliant on coal for electricity generation, a major source of global emissions. Working together, EBRD and Bloomberg Philanthropies will provide holistic support for investment, policy, and technical assistance to support a rapid and just transition from coal to clean sources of energy in these areas.
The partnership will draw on financial and technical resources to catalyse the development of an investable pipeline of just transition and managed coal phaseout projects, use opportunities for private sector finance mobilisation at scale, and support robust policy frameworks and capacity building for country-led delivery of energy transition initiatives.
EBRD and Bloomberg Philanthropies will work together to support:
- Project preparation and implementation of renewable energy projects, grids, and green infrastructure to help accelerate the decommissioning of coal plants and deployment of renewables, while ensuring energy security and supporting economic diversification through investable projects in coal regions.
- Design of innovative approaches and financial instruments for implementing managed coal phase-out strategies.
- Policy development and technical support on grids and storage studies to ensure smooth transition from coal to renewables.
- Knowledge exchange and collaboration with the Glasgow Financial Alliance for Net Zero (GFANZ) and other partners on managed phaseout, carbon credits, and other mutual areas of work.
This strategic cooperation between the EBRD and Bloomberg Philanthropies underscores the importance of such partnerships to advance a just and sustainable transition from coal to clean energy.
Bloomberg Philanthropies invests in 700 cities and 150 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating lasting change: the Arts, Education, Environment, Government Innovation, and Public Health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s giving, including his foundation, corporate, and personal philanthropy as well as Bloomberg Associates, a pro bono consultancy that works in cities around the world. In 2022, Bloomberg Philanthropies distributed US$ 1.7 billion.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 72 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.