Submitted by Bloomberg
Originally published on bloomberg.com
11-week philanthropic and corporate effort will champion climate solutions and mobilize action ahead of the UN climate summit in the United Arab Emirates
Bloomberg Countdown kicks off with historic announcement of the first-ever COP-hosted “Local Climate Action Summit” in Dubai to formally recognize local leaders’ critical role in the climate fight
NEW YORK, September 21, 2023 /3BL/ - Michael R. Bloomberg, UN Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, announced the Bloomberg Countdown to COP28, an annual effort designed to turbocharge climate progress from public, private, and civil society actors around the world. This year, Bloomberg L.P., Bloomberg Philanthropies, and their partners will embark on a countdown with a series of initiatives, reports, and partnerships to help deliver on UN Secretary-General António Guterres’ call for transformative and decisive action ahead of this year’s COP in Dubai.
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.
“In the leadup to COP28, one thing is clear – we must move faster and do more, at every level and across every sector, to curb emissions,” said Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and founder of Bloomberg LP and Bloomberg Philanthropies. “Across Bloomberg LP and Bloomberg Philanthropies, our teams will continue working with our partners to accelerate the clean energy transition, empower local climate action, and mobilize businesses and financial institutions. Given the threat of climate change to public health and the economy, there is no time to waste.”
“As we approach COP28, the global stocktake is our compass – telling us where we are and where we need to go,” said UN Climate Change Executive Secretary Simon Stiell. “The global stocktake is a critical opportunity for immediate course correction, a moment when the world can assess its trajectory and recalibrate its efforts. The urgency of this moment cannot be overstated. Our planet is in peril and this is our best chance to strengthen climate policies and turn commitments into action. Businesses, investors and cities all play a crucial role in delivering this action and mobilizing this action and these stakeholders is critical to delivery of the goals of the Paris Agreement.”
At the UN Secretary-General’s Climate Ambition Summit, Mike Bloomberg kicked off this year’s Bloomberg Countdown by announcing the COP28 Local Climate Action Summit alongside COP28 President-Designate Dr. Sultan Al Jaber, marking the first time a COP Presidency has announced a formal summit designed to bring subnational leaders into the COP program and process.
“Mike Bloomberg brings an unparalleled commitment to climate action. He has dedicated his life to building coalitions across the public and private sectors to drive meaningful climate impact,” said Dr. Sultan Al Jaber, COP28 President-Designate. “As we continue moving towards this year’s COP28, one which is underpinned by a core pillar of full inclusivity, I look forward to working with Mike and cities, the private sector, and many more core constituencies in the COP process.”
In its third year, Bloomberg’s Countdown to COP28 builds on the actions taken by Bloomberg L.P., Bloomberg Philanthropies, and their partners in the leadup to COP27 in Egypt and COP26 in Glasgow. Bloomberg Philanthropies and Bloomberg L.P., the global business and financial information and news leader, will support the UAE Presidency as an official partner of COP28, with a focus around three priority themes: catalyzing cities, states, and subnational action; supporting the COP28 energy transition action agenda; and increasing clean energy development and capital mobilization. At COP28, Bloomberg L.P. and Bloomberg Philanthropies will continue its annual support of several pavilions across the Blue and Green Zones, including the UN Climate Change Pavilion, and host a series of sponsored events, installations, and engagement programs. This year will also deepen the legacy of Bloomberg’s work in the Middle East and North Africa (MENA).
Catalyzing Cities, States, and Subnational Action
In line with the COP28 Presidency and UNFCCC’s commitment to an inclusive COP28, Bloomberg Philanthropies is working to facilitate an inaugural global delegation of mayors and governors at the World Climate Action Summit, which will firmly establish subnational governments’ voices in global climate talks. The complementary COP28 Local Climate Action Summit, co-hosted by Bloomberg Philanthropies and the COP28 Presidency, will unite subnational and national leaders to establish a new paradigm for fully integrated climate action between governments at all levels.
The Summit will be supported by world-class networks and organizations, including ICLEI – Local Governments for Sustainability, the C40 Cities Climate Leadership Group, Global Covenant of Mayors for Climate & Energy, University of Maryland, The Climate Group, Under2 Coalition, UN-Habitat, United Cities and Local Governments (UCLG) and others.
Additionally, Bloomberg L.P. and Bloomberg Philanthropies will collaborate with regional 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 L.P. Editorial, Research and Media
Building on Mike Bloomberg’s longstanding commitment to delivering accurate, transparent climate and energy data to government, businesses, and financial leaders ahead of international policy negotiations, Bloomberg L.P. will help provide access to comprehensive data, insights, and expert analysis to ensure decision-makers around the world have the data points they need to take meaningful climate action.
BloombergNEF (BNEF) will provide key insights on the transition to a low-carbon economy and will publish timely new research throughout the countdown including: Climatescope, a market assessment tool, report and index that evaluates the relative readiness of individual nations to put energy transition investment to work effectively; a NetZero Pathfinders report on policies for greening heavy industry; the Zero-Emission Vehicles Factbook, which documents the progress that has been made towards global net zero in the road transport sector; as well as the Climate Policy Factbook: COP28 Edition, an annual report that evaluates the progress made by each G-20 nation and informs policy priorities ahead of COP28.
Bloomberg Intelligence (BI) will deliver a suite of research reports and host events around key COP focus areas sharing insights, perspectives and implications for companies and investors.
Bloomberg Green, the editorial brand of Bloomberg L.P. focused on climate change and the energy transition, will lift its paywall to provide free content for the duration of COP28 and host live events in Dubai. Audiences will find content powered by Bloomberg’s exclusive data and reporting across the Green website, two daily newsletters, a special section in the Bloomberg Green magazine, timely episodes of the Zero podcast, television, video, and more.
Through a Bloomberg for Education and Bloomberg Corporate Philanthropy partnership, students from across the globe will have free access to a series of interactive, e-learning courses – including a new ESG certificate – for the duration of COP28. The CPD-accredited courses feature financial case studies, real world data, and hands-on learning exercises for students of all levels. Across three distinct certificates, participants can gain a fundamental understanding of the financial ecosystem, and the different career paths available, learn how different markets develop and interact, and explore the principles of sustainable investing.
Improving Disclosure, Access and Transparency to Climate-related Data
To help inform financial markets and other stakeholders driving the transition to a net-zero economy, Mike Bloomberg established both the Task Force on Climate-related Financial Disclosure (TCFD) and the Climate Data Steering Committee (CDSC) to increase transparency and access to key climate-related information. Formed in 2015 by the Financial Stability Board, and Chaired by Mike Bloomberg, the TCFD’s disclosure framework helped increase consistency and comparability of climate-related financial disclosures for investors, lenders, and insurance underwriters around the world. After global adoption of the framework from companies, standard setters, and regulatory bodies, the TCFD will issue its final Status Report in October 2023.
Supported by Mike Bloomberg and recommended by the CDSC, the Net-Zero Data Public Utility (NZDPU) will bring greater transparency and data integrity to financial markets and consumers and provide the ability to monitor progress against emissions reductions targets. A proof of concept will be delivered by COP28 and once developed, the NZDPU is intended to ultimately be integrated with the United Nations Framework Convention on Climate Change (UNFCCC)’s Global Climate Action Portal.
Accelerating the Clean Energy Transition and Capital Mobilization
Bloomberg L.P. and Bloomberg Philanthropies will continue their respective efforts to help move the world beyond coal, accelerate the clean energy transition, and advance stronger climate actions from carbon-intensive industries that help put them on net-zero pathways. Through ongoing stewardship of the Glasgow Financial Alliance for Net Zero (GFANZ) and the Climate Finance Leadership Initiative (CFLI), dedicated personnel from Bloomberg L.P. are helping both to harness the power of capital markets to support the transition to a net-zero economy.
Ahead of COP28, GFANZ will publish a set of resources that will help describe and measure transition finance, and will continue to work with public and private sector stakeholders to tackle the energy transition in hard-to-abate sectors. Working with international financial institutions, GFANZ will continue efforts to mobilize capital for just transitions in emerging markets and developing economies including ongoing support for the Indonesia and Viet Nam Just Energy Transition Partnerships (JETPs). In parallel, CFLI – through its Country Pilots in India and Colombia – will continue to work with local and international financial institutions and corporates, and public finance institutions and governments, to mobilize private capital for country-tailored catalytic financing and policy solutions in sectors critical to supporting these countries’ climate ambitions.
Unlocking ESG Investment with Data and Solutions
Bloomberg L.P.’s Sustainable Finance Solutions team will continue to expand its award-winning range of ESG data and analytics to help investors understand their exposure to climate risk, including transition and physical risk, and make well informed investment decisions.
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 learn more about Bloomberg L.P.’s sustainability initiatives and to read the latest 2022 Impact Report, visit www.bloomberg.com/impact. Bloomberg Philanthropies’ 2022 Annual Report is available at https://annualreport.bloomberg.org/.
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 and scientists 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 LP is providing the global financial community with data-driven insights, news, and analysis on climate-related issues. As a company, Bloomberg LP 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 stewardship of the Climate Finance Leadership Initiative, the Glasgow Financial Alliance for Net Zero, and the Task Force on Climate-related Financial Disclosures, dedicated personnel from Bloomberg L.P. are helping to harness 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 US$ 1.7 billion. For more information, please visit bloomberg.org, sign up for our newsletter, or follow us on Facebook, Instagram, YouTube, Twitter, and LinkedIn.
About Bloomberg L.P.:
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.
Oisin O Malley – Bloomberg LP
Daphne Wang – Bloomberg Philanthropies
Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.
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