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Bloomberg & Irena Unite For Sustainable Energy Future | |
| Sumita Pawar |
Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have partnered to enhance the adoption of clean energy and capital mobilisation in emerging markets and developing economies (EMDEs).
The collaboration aims to reduce political, technical, and financial barriers to the energy transition and will focus on building capacities in Southeast Asia, Africa, and Latin America, strengthening project finance and preparation, and encouraging private capital mobilisation.
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The move was announced in the presence of Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and President-designate of Cop28; Francesco La Camera, director general of Irena; and Michael R. Bloomberg, UN special envoy on climate ambition and solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies.
"The world must move faster and further than ever before to seize the moment of the global stocktake and close the gap between ambition and reality," Dr. Al Jaber said.
The partnership will reduce risk for potential developers and investors by providing technical and financial expertise to eligible projects that meet environmental, social, regulatory, and economic factors.
The initiative complements Bloomberg Philanthropies' collaborations with other organisations to support developing countries in accelerating the phasing out of coal, developing viable pathways to net zero, and speeding up the use of renewable energy.
"Increasing the production of renewable energy is an urgent necessity, and doing it requires strong partnerships across the public, private, and non-profit sectors," said Mr. Bloomberg.