Activist countries

Africa: Bloomberg and Seforall announce plan to accelerate energy transition in developing countries

Michael Bloomberg and Damilola Ogunbiyi Expand Partnership to Mobilize Funding for Clean Energy Projects

US billionaire and founder of Bloomberg Philanthropies, Michael Bloomberg, and CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, Damilola Ogunbiyi, announced on November 7, 2022 the expansion of their partnership to mobilize financing for the energy transition in developing countries. in Africa, Asia and Latin America.

Michael Bloomberg It’s good news from COP27 in Sharm El Sheikh, Egypt, where world leaders, the private sector, climate activists and civil society are now actively negotiating ways to address the climate crisis, including reaching the goal of net zero emissions by 2050.

Bloomberg Philanthropies’ two-pronged strategy involves engaging with national and local governments to help them develop energy transition plans and partnering with the Glasgow Financial Alliance for Net Zero to raise capital for projects clean energy in countries.

Bloomberg, who is also the UN secretary-general’s special envoy for ambition and climate solutions, said progress was needed to phase out coal-fired power plants around the world, adding that his philanthropy would broaden its reach. clean energy development work in Africa.

Ghanaian President Nana Akufo-Addo, Ms. Ogunbiyi and Nigerian Minister of Environment Mohamed Abdullahi stressed the need for a just and equitable energy transition for African countries.

Ghana will harness the opportunity for a just and equitable energy transition as the country relies on carbon-intensive industries for its economic growth. President of Akufo-AddoGhana Ghana Energy Transition Framework

Ghana “will seize the opportunity for a just and equitable energy transition as the country relies on carbon-intensive industries for its economic growth,” President Akufo-Addo said. He developed Ghana’s recently released National Energy Transition Framework, which will serve as a blueprint for “transitioning Ghana into a low-carbon, climate-resilient country.”

With a price tag of $562 billion, Ghana’s implementation of the framework will last from 2020 to 2070, although it aims to achieve universal energy access by 2030.

The country will decarbonize its energy sector through carbon capture, utilization and storage technology. In addition, it will increase the use of electric and hydrogen fuel cell vehicles and efficient end-use devices.

Ghana also hopes to generate funding through engagements with national, development and investment banks, pension funds and other multilateral financial institutions.

We seek a “just and equitable transition both in universal access to electricity and in the exploitation of our natural resources to support economic development”, according to the Ghanaian Ministry of Energy.

The path to net zero emissions is to target the eradication of energy poverty, especially on my continent, Africa. Energy, climate and development must go hand in hand. Damilola OgunbiyiCEO and Special Representative of the UN Secretary General for Sustainable Energy for All The path to zero emissions

Ms. Ogunbiyi described Blomberg Philanthropies’ support for a just and equitable energy transition in Africa and Asia as timely.

“The path to net zero emissions is to target the eradication of energy poverty, especially on my continent, Africa”, she insisted, adding that “energy, climate and development must go hand in hand,” Ms Ogunbiyi said.

“Short-term challenges must be met, but not at the expense of long-term sustainability…the $100 billion pledged by the developed world must come to fruition.”

Ms Ogunbiyi praised Ghana for showing ambition, as many other developing countries have done, in developing and implementing “comprehensive, data-driven and investable energy transition plans”. .

Ghana joins a growing list of countries, including South Africa and Nigeria, with just energy transition plans.

However, to successfully implement the energy transition plans, the Nigerian Minister of Environment, Mohamed Abdullahi, stressed that to successfully implement the energy transition plans, the countries most responsible for carbon emissions must take urgent and decisive action to support countries that contribute the least to emissions but are disproportionately affected by the climate. crisis.