A $242 million effort to promote clean energy in 10 developing countries will be announced on Tuesday by the former mayor of New York City.
The investment is part of Mr. Bloomberg's push to shut down coal production in 25 countries and to close every coal-fired power plant in the United States. The announcement is tied to a gathering this week in Rwanda hosted by a group working to increase access to electricity in the global south.
The money will be used to fund programs in Bangladesh, Brazil, Colombia, Kenya, Mozambique, Nigeria, Pakistan, South Africa, Turkey and Vietnam. The representatives of the organizations said they would work with local governments and businesses to develop spending plans.
Sign up for the Climate Forward newsletter Your must-read guide to the climate crisis.According to Helen Mountford, the president and chief executive of ClimateWorks, specific ways that Mr. Bloomberg's money could be spent include research and analysis, public education campaigns, clean energy pilot programs and buyout payments to close existing coal plants.
The first approach is to identify the relevant strategies per country.
The 10 nations would demonstrate to other countries that renewable energy can help, not hinder, economic growth.
The majority of greenhouse gas emissions come from industrialized countries. Many developing countries have rapidly growing populations and energy needs. The world can decarbonize fast enough to avoid the worst consequences of a warming planet if nations meet their needs.
Developing countries have not reached their peak in the amount of energy they need.
More than 750 million people are without electricity, and energy poverty is a powerful driver of economic and health inequality. Ms. Ogunbiyi said the funds could be used to address a variety of crises caused by the lack of electricity, among them food scarcity and poor medical care.
It is important to understand that this is a crisis of its own. It needs to be treated as an emergency because it is the difference between life and death for a lot of people.
Hurricanes and pollution. The study found that particulate air pollution has a significant effect on hurricanes. Over the past four decades, the decline in air pollution in North America and Europe was associated with a rise in the number of hurricanes; increasing pollution from growing economies had the opposite effect.
The fire is being fought with fire. As deadly wildfires become more common across America, the country is embracing planned fires to clear away vegetation. The changing climate is making it more difficult to carry out intentional burns.
In 2020, the total investments in clean energy in developing countries were less than $150 billion, according to a June 2021 International Energy Agency report, which warned that by the end of the decade, such financing needed to be more than $1 trillion per year to put the world on track to reach net-
As they work with the 10 countries to create energy transition plans or update existing ones, they would encourage the leaders to sign pledges not to use coal.
Rachel Kyte said that the idea behind the type of investment Mr. Bloomberg is making is that a philanthropic organization like his takes on the biggest risk early in a project that decision makers might otherwise be skeptical about, and if it works, the project will become attractive to conventional investors later.
The political barriers remain formidable even if Mr. Bloomberg's money can lower them. Tom Sanzillo is the director of financial analysis at the Institute for Energy Economics and Financial Analysis.
The smartest financial decision for companies is a transition to renewable energy from fossil fuels. Mr. Sanzillo said that increasing the risk involved in fossil fuel development is what it means. Reducing the risk involved in renewable energy development is what it means.
Mr. Sanzillo said that the market forces were on the other side of the coin. I believe you have a better wind at your back.
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