Bloomberg Announces Expansion Of Coal Transition Program

Michael Bloomberg, the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, announced Monday, Nov. 7, 2022, plans to support developing countries' transition away from coal.

Photo Insert: In 2019, Bloomberg committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the US by 2030.

The effort will see Bloomberg Philanthropies partner with the Glasgow Financial Alliance for Net Zero (GFANZ) to mobilize the flow of private capital to clean energy transition projects in emerging markets and developing countries. It will also provide technical assistance.

In 2019, Bloomberg committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the US by 2030.

"We’ve seen that it’s possible to expand access to clean, affordable energy and cut carbon emissions at the same time,” Bloomberg said in a statement, adding that “the expansion of our work in Africa, Asia, and Latin America will help more countries develop more clean power, faster.”

Michael Bloomberg is founder and owner of Bloomberg LP, parent of Bloomberg News.

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