Michael Bloomberg Announces a New Initiative To Phase Out Coal in 25 Countries

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. From a report: 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. 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.

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