13 September 2018: Michael R. Bloomberg, UN Special Envoy for Climate Action and founder of Bloomberg Philanthropies, and European Commissioner for Energy and Climate Action Miguel Arias Cañete pledged to join efforts in managing a global transition away from coal. Speaking at the Global Climate Action Summit, the partners said they will convene leaders from the financial and business sectors to develop financially actionable strategies for a low-carbon transition highlighting economic opportunities of a clean energy transition in addition to sustainable job creation and growth.

The partnership will be based on the European Commission’s ‘Platform for Coal Regions in Transition’ launched in December 2017 to provide support for economic and technological transformation of 41 coal-dependent regions in 12 European states. Arias Cañete explained the launch of Platform is an effort to help with the social and economic aftermath of the decline of coal in energy systems.

Since its launch, the Platform has brought stakeholders from across EU regions, national authorities and administrators, industry, NGOs, and trade unions together to stimulate strategic project design. These projects aim to begin the transition towards new economic models that are competitive and sustainable and respond to environmental and social challenges. Bloomberg Philanthropies will conduct plant-by-plant research for knowledge improvement and targeted action expansion.

“Coal is a double threat because it contributes to climate change and poisons air and water.” Michael R. Bloomberg

The partners suggest that states are realizing that coal is no longer economically viable in addition to environmental and health concerns. Bloomberg says coal is a double threat due to its negative contribution to climate change and poisoning of air and water. He further notes that with more information there will be greater incentives to switch to cleaner, cheaper energy.

Bloomberg Philanthropies is leading various climate-related projects, including the Beyond Coal initiative, which has seen 50% of US coal plants retire since its launch. Previously, the organization formed a partnership with the Powering Past Coal Alliance led by Canada and UK to develop case studies of economies that are transitioning away from coal. The organization has also committed US$ 264 million towards efforts to achieve a rapid clean energy transition several regions including in Europe and the US. [European Commission Press Release. 13 September 2018. Partnership with Bloomberg] [European Commission Press Release 11 December 2017. Platform for Coal Regions in Transition]