Michael Bloomberg asserts that businesses recognize the financial risks and opportunities associated with climate change, motivating them to set ambitious goals. He highlights the need to remove barriers for the private sector to translate pledges into tangible progress, advocating for better data access for businesses and investors to identify risks and opportunities in emissions reduction. He also stresses the importance of governments rectifying policies that favor fossil fuels, arguing that economic growth and climate action are not mutually exclusive.
Bloomberg identifies ending coal use as the most crucial step, noting that over 70% of US coal plants and more than half of European plants have either committed to closing or have already transitioned to clean energy. He criticizes the hundreds of millions of dollars in subsidies still supporting fossil fuels globally, calling for their cessation. Furthermore, he emphasizes the urgent need for increased clean energy investment in developing countries, suggesting multinational banks leverage their capital to attract private investment and for governments and business leaders to collaborate on project identification and risk-reducing financing arrangements. Philanthropy can also assist by building partnerships and providing technical support.
Bloomberg Philanthropies actively works to address climate change by providing data and transparency for investors and fostering public-private partnerships. Initiatives include the Global Renewables Summit to remove investment barriers in clean energy, the Glasgow Financial Alliance for Net Zero (GFANZ) to help financial firms reduce portfolio emissions, and the Global Capacity Building Coalition for developing country banks to create net-zero plans. A new digital platform offers data and technical assistance for clean energy opportunities, and an expanded Net Zero Data Public Utility provides free access to corporate emissions data, empowering accountability and rewarding leading companies.
