Michael Bloomberg announces a new initiative to phase out coal in 25 countries.
08 Nov 2022
The goal is to see coal
plants retired in many developing countries by 2040, with some wealthier
countries ending coal use by 2030.
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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.
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The group’s goal is to see coal plants retired in many developing countries by
2040, with some wealthier countries ending coal use by 2030.
“We’ve seen that
it’s possible to expand access to clean, affordable energy and cut carbon
emissions at the same time,” Mr. Bloomberg said in a statement, noting that in
the United States more than two-thirds of coal plants have shuttered thanks to
a mix of activism that has prompted Democratic administrations to impose
regulations, and market forces that have made coal far more expensive than gas
or solar.
Mr. Bloomberg said that for developing countries, policy
analysis and technical assistance were “the side of energy development that
doesn’t get a lot of attention but can mean the difference between investment
in coal and clean power.”
Indonesia, for example,
is the third-largest coal producer after China and India, and its energy plan
foresees coal providing a quarter of its power mix by 2050. Shutting down its
118 coal plants could cost $37 billion, according to a recent report.
Meanwhile, many nations in Africa have enormous wind and solar resources but
because of perceived risks, financing costs can be higher.
The coalition of
governments includes Bangladesh, Botswana, Brazil, Cambodia, Colombia, the
Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Kenya, Madagascar,
Mexico, Morocco, Mozambique, Nigeria, Pakistan, Philippines, Rwanda, Senegal,
South Africa, Tanzania, Thailand, Turkey, Uganda and Vietnam.
Lisa Friedman
reports on federal climate and environmental policy from Washington. She has
broken multiple stories about the Trump administration’s efforts to repeal
climate change regulations and limit the use of science in policymaking. @LFFriedman
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