Bloomberg commits $242m for Africa's clean energy transition

Michael R. Bloomberg, UN Special Envoy for Climate Ambition and Solutions, announced a $242 million contribution to enhance Bloomberg Philanthropies' efforts to accelerate the clean energy transition in ten developing nations, including 4 African countries - Nigeria, Kenya, Mozambique and South Africa through programs and partnerships. These African countries, including six out of the ten fastest-growing countries globally, are uniquely positioned to turbocharge their economies through investments in clean energy. The commitment builds on Blomberg's philanthropic efforts to fight climate change and aims to spur meaningful climate action six months ahead of this year's African-hosted COP27.

Bloomberg Philanthropies aims to strengthen relationships and collaborate with key partners such as Sustainable Energy for All (SEForAll), ClimateWorks Foundation, and other leading organizations to expand renewable energy capacity and access. Concurrently, phasing out coal usage as the global energy demand continues to rise.

The ten selected countries account for almost 100GW of coal power plant capacity and have over 75GW of coal capacity planned or under construction. However, they have the abundant potential for solar, wind, and other renewable energy capacities, which are cheaper clean energy generation sources. This expanded effort to promote a just clean energy transition in developing countries will focus on five key pillars: data and research, public engagement, policy and diplomacy, clean energy pilot projects, and coal buyouts. It will build on the success of Bloomberg Philanthropies' strategies in the United States, Europe, and parts of Asia. Transitioning to a green economy will cut emissions, save money, generate employment, enhance infrastructure, and provide inexpensive, accessible, and renewable energy.