(MENAFN- Emirates News Agency (WAM)) NEW YORK, 10th March, 2023 (WAM) -- Dr. Sultan bin Ahmed Al Jaber, Minister of industry and Advanced technology and COP28 UAE President-Designate, and Michael R. Bloomberg, UN Secretary-General's Special Envoy on Climate Ambition and Solutions and founder of Bloomberg L.P. and Bloomberg Philanthropies, announced a new partnership to bolster meaningful climate action from cities, businesses, financial institutions, and civil society 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. Al Jaber 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 organisations and nature groups, as well as every single industry sector. The COP28 Presidency's partnership with Michael R. Bloomberg will help mobilise 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 Bloomberg.
He added,“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 substantial role in this year's COP for the first time, which can mark an historic turning point in the global fight against climate change. Our foundation 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, mobilising climate finance from the private sector, and tackling the world's toughest emissions challenges, Bloomberg's commitment will focus on galvanising climate action across three main tracks at COP28, both in the lead up to and on the ground in Dubai.
. Catalysing 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 Under 2 Coalition, support local leaders – including mayors, governors, and CEOs – to take ambitious climate action and demonstrate climate leadership; mobilise 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 mobilisation: In partnership with the Glasgow Financial Alliance for Net Zero (GFANZ) and the International Renewable Energy Agency (IRENA), promote favourable 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 worldwide 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 from Mike Bloomberg deepens his 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 organisations and programmes 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.
Globally recognised 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 federal financial support was revoked, publishing annual assessments of US 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, mobilise climate finance, and protect the ocean.
So far, Mike has invested over $1.5 billion on climate and environmental issues.