Partnership will work to ensure first-ever global delegation of mayors at the World Leaders Summit and include local climate priorities and contributions in the COP28 program
New York, NY – Today, Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, joined COP28 UAE President-Designate Dr. Sultan Ahmed Al Jaber to announce a new partnership to bolster meaningful climate action from cities, businesses, financial institutions, and civil society at and ahead of the 2023 UN Climate Change Conference (COP28).
COP28 will be a milestone moment as the world comes together to deliver the Global Stocktake – the first-ever comprehensive assessment of national contributions and progress against the goals of the Paris Agreement, including keeping global temperatures below 1.5 degrees.
Dr. Sultan Al Jaber, COP28 President – Designate said, “What the world needs at COP28 is not just a Conference of the Parties, but a Conference of all Parties. Governments alone cannot act at anywhere near the scale we need. We need everyone to join forces now – from our universities and cities to civil society organizations and nature groups, as well as every single sector of industry. The COP28 Presidency’s partnership with Michael R. Bloomberg will help mobilize all parts of global society to make COP28 the turning point we need for global climate progress.”
“Not long ago, national governments were the only ones at the table in global climate talks – but cities and local communities, states and regions, and businesses and investors have increasingly led the way in cutting emissions,” said Michael R. Bloomberg. “The more we do to support and empower them, the more we can quicken the pace of progress, and that’s exactly what Bloomberg Philanthropies has been working to do. Thanks to the leadership they’ve shown, these groups will have a formal role in this year’s COP for the first time, which can mark a historic turning point in the global fight against climate change. Bloomberg Philanthropies is glad to be joining Dr Al Jaber and the UAE to seize the moment, help all of these groups take bold action in the months ahead, and set the stage for a successful conference.”
Building on an unmatched global track record of supporting city climate action, mobilizing climate finance from the private sector, and tackling the world’s toughest emissions challenges, Bloomberg’s commitment will focus on galvanizing climate action across three main tracks at COP28, both in the lead up to and on the ground in Dubai:
- Catalyzing cities, states, and subnational action: In partnership with the C40 Cities Climate Leadership Group, the Global Covenant of Mayors for Climate & Energy, America Is All In, and the Under2 Coalition, Bloomberg will support local leaders – including mayors, governors, and CEOs – to take ambitious climate action and demonstrate climate leadership; mobilize financing for urban climate projects; showcase scalable climate solutions; and strengthen collaboration at the local, national, and regional levels to accelerate climate action implementation around the world.
- Supporting the COP28 Energy Transition action agenda: Further to the recent announcement by Dr. Al Jaber, the partnership will aim to drive transformation within the energy sector, advancing stronger climate actions from carbon-intensive industries that help put them on net-zero pathways.
- Increasing clean energy development and capital mobilization: Through its partnerships with the Glasgow Financial Alliance for Net Zero (GFANZ); the International Renewable Energy Agency (IRENA); and Sustainable Energy for All (SEforALL), Bloomberg will promote favorable policy environments through data, research, and advocacy; strengthen project preparation facilities; and create blended finance vehicles to unlock private-sector funding.
Earlier today, Dr. Sultan and Michael R Bloomberg convened mayors and city leaders from around the world to highlight the critical importance of cities in the fight against climate change and to discuss pathways for subnational climate leadership at COP28 in the UAE.
This new commitment deepens Mike Bloomberg’s longstanding dedication to the UN’s climate agenda and aims to help deliver on UN Secretary-General António Guterres’ call for transformative and decisive action ahead of this year’s COP in Dubai. As part of the partnership, Bloomberg Philanthropies and Bloomberg L.P. will host events and foster cross-sector dialogues to bolster global contributions from subnational actors – including cities, financial institutions, businesses and civil society – and ensure they are better integrated within global climate discussions. Bloomberg will also provide a series of tools, data and resources to subnational actors to support the global, whole-economy transition and the scaling up of clean energy investment.
Bloomberg L.P. and Bloomberg Philanthropies will also collaborate with organizations and programs in the UAE on cultural and community-focused engagements that will inspire local climate action, engage young people, and create a lasting legacy for COP28 in the Middle East.
Bloomberg and COP
Globally recognized for his work to fight climate change and accelerate the energy transition, Mike Bloomberg has long been dedicated to strengthening climate capacity across the UN and promoting climate ambition and solutions at previous COPs. To date, Mike’s commitment to strengthen and support the UN’s climate agenda has included filling the funding gap created when the Trump Administration revoked federal financial support, publishing annual assessments of U.S. subnational action to reduce emissions consistent with the Paris Agreement, and bringing together influential change-makers and leaders from across government, business, finance, technology, media, and the arts to help accelerate the clean energy transition, inspire local climate action, mobilize climate finance, and protect the ocean. To date, Mike has invested over $1.5 billion on climate and environmental issues.
About Bloomberg on Climate:
Led by Michael R. Bloomberg, a global climate champion and Special Envoy to the UN Secretary-General on Climate Ambition and Solutions, Bloomberg Philanthropies and Bloomberg L.P. are tackling the climate crisis from every angle. Bloomberg Philanthropies is at the forefront of U.S. and global efforts to fight climate change and protect the environment, bringing together mayors and other government and business leaders, grassroots partners, and environmental advocates across a key array of issues. These philanthropic efforts are accelerating the transition from coal to clean energy, improving air quality and public health, advancing city and local climate action, protecting and preserving ocean ecosystems, and helping unlock billions of dollars in sustainable finance. At the same time, Bloomberg L.P. is providing the global financial community with data-driven insights, news, and analysis to help integrate an ESG lens across the investment process. As a company, Bloomberg L.P. is also leading by example, including committing to 100% renewable energy by 2025 and taking action in the communities where its employees live and work. And through Bloomberg’s stewardship of the Glasgow Financial Alliance for Net Zero and the Task Force on Climate-related Financial Disclosures, Bloomberg is using the power of the capital markets to address climate change and support the transition to a net-zero economy.
About Bloomberg Philanthropies:
Bloomberg Philanthropies invests in 700 cities and 150 countries around the world to ensure better, longer lives for the greatest number of people. The organization focuses on five key areas for creating 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 consultancy that works in cities around the world. In 2022, Bloomberg Philanthropies distributed $1.7 billion. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube, Twitter, and LinkedIn.
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About Bloomberg LP:
Bloomberg is a global leader in business and financial information, delivering trusted data, news, and insights that bring transparency, efficiency, and fairness to markets. The company helps connect influential communities across the global financial ecosystem via reliable technology solutions that enable our customers to make more informed decisions and foster better collaboration. For more information, visit Bloomberg.com/company or request a demo.
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- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.
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