Michael Bloomberg Wants to Wean the World from Coal by 2040 In a major announcement, the billionaire former New York City mayor unveiled a plan to close down most coal plants in developing countries.

By Jonathan Small

Michael Bloomberg is no fan of coal.

The former New York City mayor and current UN Special Envoy on Climate Ambition and Solutions announced today that his philanthropic organization will work with national and local governments in 25 countries across Africa, Asia, and Latin America to end the use of coal by 2040.

The billionaire made the announcement at the COP27 U.N. Climate Summit in Egypt.

Bloomberg has long been an advocate for clean energy. In 2019, he donated $500 million to a campaign that shut down all coal-fired power plants in the U.S.

"We've helped to close more than two-thirds of coal plants in the U.S. and put more than half of Europe's on track for retirement – and we need to make progress like that all around the world," Bloomberg said.

His new venture does not have a price tag, but the initiative has two distinct goals.

  1. Working with national and local governments to develop energy transition plans, implement the necessary public policies, and provide the skills and training to accelerate clean energy development and phase out fossil fuel use.
  2. Partnering with the Glasgow Financial Alliance for Net Zero (GFANZ) to help mobilize the flow of private capital to clean energy transition projects in emerging markets and developing countries.

The problem of coal dependence

Coal is the dominant source of electricity generation in most countries in Africa and Asia. But coal produces more carbon emissions than any other fuel on earth, according to the U.S. Energy Information Associating, leading to poor air quality, health, and climate.

Still, alternative fuel solutions, like wind and solar, are expensive and often out of reach for developing countries.

"Overcoming the hurdles that stand in the way of investment – requires partnership across government, business, and philanthropy," said Bloomberg. "It also requires technical assistance and economic and policy analysis – the side of energy development that doesn't get a lot of attention but can mean the difference between investment in coal and clean power."

Reaching the goals of net-zero emissions requires investment not only from governments but the private sector.

"We need to mobilize significant private capital to clean energy and the responsible accelerated retirement of coal," said Mark Carney, Co-chair of GFANZ and UN Special Envoy on Climate Action and Finance. He says the partnership introduced by Bloomberg can "help unlock finance at the scale needed to support the energy transitions of emerging markets and developing economies."

Jonathan Small

Entrepreneur Staff

Founder, Strike Fire Productions

Jonathan Small is a bestselling author, journalist, producer, and podcast host. For 25 years, he has worked as a sought-after storyteller for top media companies such as The New York Times, Hearst, Entrepreneur, and Condé Nast. He has held executive roles at Glamour, Fitness, and Entrepreneur and regularly contributes to The New York Times, TV Guide, Cosmo, Details, Maxim, and Good Housekeeping. He is the former “Jake” advice columnist for Glamour magazine and the “Guy Guru” at Cosmo.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This 31-Year-Old Spends 2 Hours Per Week On His $3,000-a-Month Passive Income Side Hustle: 'Trust Your Vision'

Hansel Moore's home office "wasn't cutting it" — so he found another place to be creative.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Chevron Announces Layoffs Affecting Up to 8,000 Workers: 'Stronger Long-Term Competitiveness'

The oil producer said the layoffs are part of a cost-cutting initiative.

Leadership

Why The Wisest Leaders Listen First Before They Act

If talking isn't getting you ahead, try listening instead. The advantages of truly hearing others are as transformational in business as they are in our personal lives.