Bloomberg Philanthropies has announced a substantial new commitment of $285 million to accelerate the global transition to clean energy, aiming to support emerging and developing economies in meeting surging electricity demand with renewable sources.

• The funding will focus on strengthening clean energy institutions, enhancing technical expertise, reforming markets, and attracting private investment in countries responsible for roughly 70 percent of global power-sector emissions.
• Key figures involved include Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, and United Nations Secretary-General António Guterres.
• This initiative builds on over a decade of Bloomberg Philanthropies' climate efforts, which have previously contributed to the cancellation of nearly 450 coal plants worldwide.