Bloomberg Philanthropies, IRENA Unite Foster Renewable Revolution

Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have joined forces to accelerate clean energy development and global climate action. Ahead of the 2023 UN climate conference COP 28 in November, the organizations shared their commitment to combat climate change and mobilize resources and expertise in emerging economies to propel the transition toward a sustainable and renewable future. 

The agreement was signed by Francesco La Camera, Director General, IRENA; Michael R. Bloomberg, Founder, Bloomberg L.P and Sultan AL Jaber, Minister of Industry and Advanced Technology, UAE, and President designate, COP 28. 

Bloomberg Philanthropies will empower IRENA to promote the extensive uptake of renewable energy and mitigate obstacles related to politics, technology and finance in the transition towards sustainable energy sources.

The collaboration has outlined three strategies: building capacities in Southeast Asia, Africa and Latin America, strengthening project finance and preparation and encouraging private capital mobilization. “The world must move faster and further than ever before to seize the moment and close the gap between ambition and reality,” said Dr. Al Jaber. 

To achieve the target of net-zero emissions by 2050, increased investments in renewable energy are necessary. According to IRENA, investments totaling US$500 brillion were reported in 2022, which falls short of the average annual investment required until 2030 by less than one-third.

Similar to numerous nations, Mexico encounters obstacles in securing financing and establishing bankable renewable energy projects. The National Institute of Energy and Climate Change (INECC) states that an investment of US$126 billion is required to meet the country's energy transition goals and reduce carbon emissions. Additionally, the investments made thus far have been excessively concentrated on specific technologies and regions, underscoring the need for adjustments and increased public funding.