45-day philanthropic and corporate effort will catalyze climate action around the world ahead of global climate convening in Sharm El-Sheikh
New York, NY – Today, Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, launched the Bloomberg Countdown to COP27 – a 45-day long series of initiatives and commitments aimed at delivering on UN Secretary-General António Guterres’ call for urgent climate action leading into this year’s UN Climate Change Conference in Sharm El-Sheikh, Egypt. Designed to turbocharge climate progress from public, private, and civil society actors around the world, Bloomberg L.P. and Bloomberg Philanthropies will unveil dozens of climate actions through investments, partnerships, and capacity-building and educational efforts during the 45-day Countdown to COP27.
“Since last year’s UN climate conference in Glasgow we’ve made important progress in the battle against climate change — but we’re still not moving nearly fast enough,” said Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies and the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions. “We all need to do more, and with COP27 just around the corner, this is a critical moment to turbocharge our efforts, build momentum for a successful conference, and set the course for faster progress in the months and years ahead. Across all the actions our company and foundation will announce in the lead-up to COP27, we will rely on data, bring together strong partners, and never shy away from tough issues. The stakes could not be higher, and we don’t have a moment to waste.”
“We are now in the implementation phase of the Paris Agreement, and we need to ensure that COP27, in Sharm el-Sheikh, will truly be the place where important promises of the agreement are turned into concrete actions,” said Simon Stiell, Executive Secretary, United Nations Framework Convention on Climate Change (UNFCCC). “Governments need to lead on cutting greenhouse gas emissions and building resilience to climate change, but they cannot do this alone. We need all of the private sector and civil society for effective climate action. I’m truly grateful for this important initiative that can help build capacity and momentum for a strong outcome at COP27.”
During opening remarks at the United Nations Climate Action: Race to Zero and Resilience Forum, Mike Bloomberg kicked off the Bloomberg Countdown by announcing the first climate action: the expansion of Bloomberg Philanthropies’ efforts to accelerate the global clean energy transition in 15 additional developing countries where demand for power is projected to grow rapidly, and there is abundant potential for renewable energy, such as solar and wind. This marks the next phase of Bloomberg’s commitment at COP26 in Glasgow to help shutter or cancel a quarter of the world’s coal plant capacity.
“Egypt welcomes Bloomberg LP and Bloomberg Philanthropies’ partnership and commitment to spur progress at this year’s UN Climate Conference in Sharm El-Sheikh,” said His Excellency Sameh Shoukry, Egypt’s Minister of Foreign Affairs and President Designate of COP27. “COP27 is a critical opportunity to transform climate commitments into implementable action. Bloomberg’s experience and expertise leveraging data and convening governments, the private sector, and civil society will help support our efforts to promote collaboration and pave the way for higher ambition to ensure a sustainable future on the African continent and around the world.”
Bloomberg’s Countdown to COP27 builds on last year’s Countdown and expands Bloomberg’s longstanding and ongoing commitment to support the UN’s climate agenda. Support for this year’s COP on the African continent underscores Bloomberg’s continued investment in the region’s clean energy transition. For nearly 20 years Mike Bloomberg has also supported philanthropic initiatives across Africa dedicated to improving public health – including in tobacco control, malaria prevention, maternal health, road safety, food policy, drowning prevention, and improving health data – as well as women’s economic development, government innovation, and more.
At COP27 Bloomberg will support several Pavilions in the Blue Zone, including the UN Climate Change Pavilion, the Climate Justice Pavilion and one of the first-ever pavilions dedicated to showcasing the ocean’s critical role in the fight against climate change. Bloomberg will also host a series of sponsored events, installations, and engagement programs at The Four Seasons Sharm El Sheikh. The Bloomberg-hosted climate zone will work with partners such as Goals House, the Sustainable Markets Initiative, C40 Cities, Global Covenant of Mayors, Sustainable Energy for All, Climateworks, the Race to Zero and Race to Resilience, to help accelerate the clean energy transition, inspire local climate action, mobilize climate finance, and protect the ocean.
Bloomberg Editorial, Research and Media
Bloomberg Philanthropies and Bloomberg L.P., the global business and financial information and news leader, will support the Egyptian COP27 Presidency as an official partner of COP27. Building on Mike Bloomberg’s longstanding commitment to delivering accurate, transparent climate and energy data to government, businesses, and financial leaders ahead of international policy negotiations, Bloomberg will help provide access to unparalleled data, insights, and expert analysis drawn from across Bloomberg’s global network to ensure decision makers around the world have the datapoints they need to take meaningful climate action.
BloombergNEF (BNEF) will provide key insights on energy transition pathways and will publish timely new research throughout the countdown including its latest Power Transition Trends, Climatescope, and NetZero Pathfinders Status reports. Bloomberg Intelligence’s team of experts will provide a range of research and data that connect key COP themes, such as financing and decarbonization with investment implications.
Bloomberg Green, the editorial brand focused on climate change and the energy transition, will lift its paywall, provide free content for the duration of COP27, and host live events in Sharm El-Sheikh. Leveraging Bloomberg’s exclusive data and reporting, audiences will find content across the Green web site, two daily newsletters, timely episodes of the Zero podcast, television, video, and a special section in the Bloomberg Green magazine on COP27.
Elevating Local and Non-State Climate Action
During the United Nations Climate Action: Race to Zero and Resilience Forum, the Race to Zero published a global campaigns progress report and a pivot point report to take stock of non-state climate action and move from voluntary action to rules and regulations. The Champions also announced their Adaptation and Resilience breakthroughs and shared more detail on their progress towards developing stronger accountability across the Race to Zero ecosystem. As Global Ambassador for the UN Race to Zero and Race to Resilience campaigns, Mike Bloomberg will continue to carry forward these efforts of more than 1,100 cities, 52 regions, 8,307 businesses, and hundreds of investors who have joined the Races to mobilize unprecedented climate action and ensure their efforts are reflected in the historic COP27 negotiations.
Additionally, Bloomberg L.P. and Bloomberg Philanthropies will collaborate with non-profits in Egypt and the rest of Africa on cultural and community-focused engagements that will inspire local action, engage young people, and create a lasting legacy for COP27 on the continent.
Advancing Climate Finance
Through ongoing stewardship of the Glasgow Financial Alliance for Net Zero (GFANZ), the Task Force on Climate-related Financial Disclosures (TCFD) and the Climate Finance Leadership Initiative (CFLI), Bloomberg is convening the power of the capital markets to address climate change and support the transition to a net-zero economy.
Leading up to COP27, TCFD – which outlines the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing risks related to climate change – will drive global momentum in support of the TCFD framework, and GFANZ will publish a series of tools and resources, including a framework for transition planning, to support the global, whole-economy transition and the scaling up of clean energy investment.
Bloomberg and COP
Globally recognized for his work to fight climate change and accelerate the energy transition, Mike Bloomberg has long been committed to strengthening climate capacity across the UN and promoting climate ambition and solutions at previous COPs. To date, Mike’s commitment to strengthen and support the UN’s climate agenda has included filling the funding gap created when the Trump Administration revoked federal financial support, publishing annual assessments of U.S. non-federal action to reduce emissions consistent with the Paris Agreement, and bringing together influential change makers and leaders from across government, business, finance, technology, media, and the arts to promote sharing ideas on best practices and overcoming barriers to ambitious climate action. Bloomberg Philanthropies also provides funding for various pavilions to ensure exhibition and convening space to showcase non-state climate leadership.
To learn more about Bloomberg L.P.’s sustainability initiatives and to read the latest 2021 Impact Report, visit www.bloomberg.com/impact. Bloomberg Philanthropies’ 2021 Annual Report is available at https://annualreport.bloomberg.org/.
About Bloomberg on Climate
Led by Michael R. Bloomberg, a global climate champion and Special Envoy to the UN Secretary-General on Climate Ambition and Solutions, Bloomberg Philanthropies and Bloomberg L.P. are tackling the climate crisis from every angle. Bloomberg Philanthropies is at the forefront of U.S. and global efforts to fight climate change and protect the environment, bringing together mayors and other government and business leaders, grassroots partners, and environmental advocates across a key array of issues. These philanthropic efforts are accelerating the transition from coal to clean energy, improving air quality and public health, advancing city and local climate action, protecting and preserving ocean ecosystems, and helping unlock billions of dollars in sustainable finance. At the same time, Bloomberg L.P. is providing the global financial community with data-driven insights, news, and analysis to help integrate an ESG lens across the investment process. As a company, Bloomberg L.P. is also leading by example, including committing to 100% renewable energy by 2025 and taking action in the communities where its employees live and work. And through Bloomberg’s stewardship of the Glasgow Financial Alliance for Net Zero and the Task Force on Climate-related Financial Disclosures, Bloomberg is using the power of the capital markets to address climate change and support the transition to a net-zero economy.
About Bloomberg Philanthropies
Bloomberg Philanthropies invests in 941 cities and 173 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 2021, Bloomberg Philanthropies distributed $1.66 billion. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube, Twitter, and LinkedIn.
About Bloomberg L.P.
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration.