The partnership announced at COP28 covers the Western Balkans and the southern and eastern Mediterranean region
- EBRD and Bloomberg Philanthropies to work together on the transition to coal
- Partnership will explore mobilizing private investment to accelerate local transition efforts
- The deployment of renewable energies will be accelerated and energy infrastructure improved
Dubai, United Arab Emirates – The European Bank for Reconstruction and Development (EBRD) and Bloomberg Philanthropies today announced a partnership to explore advancing the coal phase-out and mobilizing capital for the clean energy transition in the Western Balkans and Southern and Eastern Mediterranean Regions (SEMED).
Together, the EBRD and Bloomberg Philanthropies will support the Investment Platform for a Just Energy Transition in North Macedonia, launched by the Government of North Macedonia, providing an example that can be scaled up to have a transformational impact in the Balkan region Westerners.
Partners will also explore how to enable decarbonization in countries like Morocco, Poland and Turkey, and how to support the mobilization of private sector investment in the just transition in these regions.
“Mobilising private capital and developing long-term strategies for climate action and resilience has never been more important. As a multilateral development bank, our role extends beyond finance; it’s about forging effective collaborations with all stakeholders that can truly turn the tide in the fight against climate change,” declared EBRD President Odile Renaud-Basso. “Global philanthropic leaders can play a crucial and tangible role in unlocking climate finance for a just and equitable energy transition, in coordination and collaboration with MDBs. In this context, our partnership with Bloomberg Philanthropies is of capital importance and is in line with the objectives of the Business & Philanthropy Climate Forum at COP28.
“Phasing out coal as quickly as possible is the best action we can take to fight climate change and reduce the pollution that sickens and kills so many people. » said Michael R. Bloomberg, Special Envoy of the UN Secretary-General for Climate Ambition and Solutions and Founder of Bloomberg LP and Bloomberg Philanthropies. “Over the past decade, Bloomberg Philanthropies has worked to close coal-fired power plants around the world while simultaneously mobilizing efforts to increase clean energy deployment. This new partnership with the EBRD will help us extend our successes to the Western Balkans and southern and eastern Mediterranean regions, helping countries transition to clean energy in ways that create jobs and strengthen their economies .
Several countries in the Western Balkans and southern and eastern Mediterranean regions rely heavily on coal for electricity generation, a major source of global emissions. Working together, the EBRD and Bloomberg Philanthropies will provide comprehensive investment, policy and technical assistance support to support a rapid and just transition from coal to clean energy sources in these areas.
The partnership will leverage financial and technical resources to catalyze the development of an investment pipeline of just transition and coal phase-out projects, utilize opportunities to mobilize private sector finance at scale, and will support strong policy frameworks and capacity building for countries’ implementation of just transition and coal phase-out projects. energy transition initiatives.
The EBRD and Bloomberg Philanthropies will work together to support:
- Project preparation and implementation of renewable energy, grid and green infrastructure projects to help accelerate the decommissioning of coal-fired power plants and the deployment of renewable energy, while ensuring energy security and supporting economic diversification thanks to investment projects in coal regions.
- Design of innovative approaches and financial instruments for the implementation of managed coal phase-out strategies.
- Policy development and technical support on networks and storage studies to ensure a smooth transition from coal to renewable energy.
- Knowledge exchange and collaboration with the Glasgow Financial Alliance for Net Zero (GFANZ) and other partners on managed phase-out, carbon credits and other mutual areas of work.
This strategic cooperation between the EBRD and Bloomberg Philanthropies highlights the importance of such partnerships in advancing a just and sustainable transition from coal to clean energy.
Bloomberg Philanthropies invests in 700 cities and 150 countries around the world to ensure better, longer lives for as many people as possible. The organization focuses on five key areas to create lasting change: the arts, education, environment, government innovation and public health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s giving, including his foundation, corporate and personal philanthropy as well as Bloomberg Associates, a pro bono consulting firm that works in cities around the world. In 2022, Bloomberg Philanthropies distributed $1.7 billion.
The EBRD is a multilateral bank that promotes private sector development and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 72 countries as well as the EU and the EIB. The EBRD’s investments aim to make the economies of its regions competitive, well-governed, green, inclusive, resilient and integrated.
Media contacts:
Nigina Mirbabaeva; mirbaban@ebrd.com
Marshal Cohen; mcohen@bloomberg.org