Michael R. Bloomberg, has announced an expanded approach to help realise his longstanding mission to move the world beyond coal.

The announcement was made along with UN Special Envoy on Climate Ambition and Solutions, President Akufo-Addo, Special Representative of the UN Secretary-General for Sustainable Energy for All, Damilola Ogunbiyi, UN Special Envoy for Climate Action and Finance and Bloomberg Philanthropies Board Member, Mark Carney.

The declaration was made on Sunday at Sharm El-Sheikh Egypt as world leaders among others meet at COP27 to discuss climate change and matters arising.

To limit global warming to 1.5°C, a significant increase in clean energy supply will be required to enable the transition away from fossil fuels.

Bloomberg Philanthropies' announcement will support a two-pronged strategy to help the world reduce political, technical, and financial barriers to the energy transition by advancing policy and expanding capacity and mobilising capital for clean energy development.

The former will consider collaborating with national and local governments throughout the Global South to create energy transition plans, implement necessary public policies, and provide the necessary skills and training to accelerate clean energy development and phase out fossil fuel use.

The latter will be a collaboration with the Glasgow Financial Alliance for Net Zero (GFANZ) to help mobilise private capital for clean energy transition projects in emerging and developing markets.

Michael R. Bloomberg, UN Secretary-Special General's Envoy for Climate Ambition and Solutions and founder of Bloomberg Philanthropies said, "We've seen that it's possible to expand access to clean, affordable energy and cut carbon emissions at the same time."

He stated that more than two-thirds of coal plants in the United States have been closed, and that more than half of those in Europe are on track for retirement, and that the world must make similar progress globally.

“To do it – and overcome the barriers to investment – collaboration across government, business, and philanthropy is required. It also necessitates technical assistance as well as economic and policy analysis - a side of energy development that receives little attention but can mean the difference between investing in coal and investing in renewables.”

This also necessitates technical assistance as well as economic and policy analysis - a side of energy development that, he claims, receives little attention but can mean the difference between investing in coal and clean power.

"That is what we have been providing to a variety of countries around the world, and expanding our work in Africa, Asia, and Latin America will help more countries develop more clean energy, faster."

In Ghana, President Akufo-Addo stated his commitment to diversifying the country's energy portfolio and increasing renewable energy generation.

President Akufo-Addo stated that Bloomberg Philanthropies' commitment will be critical to expanding renewable energy efforts and ensuring that the country meets its clean energy targets.

“In Ghana, we are committed to diversifying our energy portfolio and increasing our renewable energy generation. This commitment by Bloomberg Philanthropies will be critical to expanding our renewable energy efforts and ensuring that we can meet our clean energy goals,” said President Akufo-Addo.

According to Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and Co-Chair of UN-Energy, Sustainable Energy for All has already partnered with the Government of Nigeria to develop an Energy Transition Plan, which prompted President Buhari to announce the country's commitment to net-zero energy by 2060 at COP26.

Damilola expressed excitement that, through their collaboration with Bloomberg Philanthropies, they will be able to expand their support to other developing countries as well.

“In addition, Sustainable Energy for All (SEforALL’s) work along with other partners to scale a robust African carbon market will provide a further boost to unlock much-needed climate finance that will be transformative for the region,” Damilola said.

However, in order to achieve net-zero emissions by mid-century, according to Mark Carney, Co-chair of GFANZ and UN Special Envoy on Climate Action and Finance, significant private capital must be directed toward clean energy and the responsible accelerated retirement of coal.

"This partnership – which combines the catalytic potential of philanthropy with the financial expertise and reach of GFANZ – can help unlock finance at the scale needed to support the energy transitions of emerging markets and developing economies.”

The United Nations' Sustainable Development Goals (SDGs) are a blueprint for a more sustainable future for all. Their adoption drew international attention to environmental degradation, sustainability, climate change, and water security.

Around 60% of global greenhouse gas emissions are attributed to energy supply. While renewables now account for 17% of total energy consumption, the Intergovernmental Panel on Climate Change warns that this must increase to 85% by 2050 in order to avoid the worst effects of climate change.

Current data shows that, about 770 million people in Africa and Asia lack access to electricity. As countries in the Global South develop and energy demand rises, it will be critical to meet international climate goals to ensure that power needs are met by clean energy rather than fossil fuels.

Coal, the most polluting form of fuel on the planet, is the dominant source of electricity generation in the majority of African and Asian countries, resulting in poor air quality, health, and climate outcomes, as well as undermining these economies' competitiveness.

This expansion, which is anchored in Bloomberg Philanthropies' ongoing clean energy programmes in 32 countries and the EU, contributes to United Nations Secretary-General António Guterres' call to ensure clean energy access for all by 2030.

Antha Williams, who leads the global climate and environment programme at Bloomberg Philanthropies said, “Bloomberg Philanthropies is thrilled to work alongside our partners to bring the policy, technical, and financial resources to bear for a rapid, just transition away from fossil fuels across the Global South.”

According to him, the transition is not only necessary and urgent in order to stay within 1.5 degrees Celsius, but it also has the potential to increase economic opportunity and lead to longer, healthier lives for over two billion people.

Bloomberg Philanthropies will collaborate with Sustainable Energy for All and other partners in 25 countries to assist countries in developing energy transition plans that will use robust data and analysis to chart a credible path toward universal energy access by 2030 for a just and equitable net-zero future.