Michael Bloomberg Announces New Initiative To Phase Out Coal In 25 Countries

"The goal is to see coal plants retired in many developing countries by 2040, with some wealthier countries ending coal use by 2030."

"SHARM EL SHEIKH, Egypt — Michael Bloomberg, the former mayor of New York City and now a special envoy on climate change for the United Nations, announced a new international plan on Monday to help 25 countries in Africa, Asia and Latin America phase out coal by 2040.

The announcement from Mr. Bloomberg, a billionaire philanthropist who has given more than $500 million to help end coal use in the United States, did not include a new financial pledge.

Instead, he said, the initiative will focus on helping develop business plans, national policies and technical resources that countries need to mobilize big-dollar investments in clean energy. The alliance of governments — under a partnership with Bloomberg Philanthropies and Sustainable Finance For All, a United Nations body — will concentrate on countries where energy demand is projected to grow, and where renewable energy potential is plentiful.

Coal is the single largest source of planet-warming emissions and still a major source of energy generation in many nations. At the same time, attracting private-sector dollars for wind, solar and other renewable power has been a challenge, particularly in developing countries."

Lisa Friedman reports for the New York Times November 7, 2022.

Source: NYTimes, 11/07/2022