Bloomberg Philanthropies and the International Renewable Energy Agency (IRENA) have announced a new COP28 partnership to turbocharge clean energy deployment and capital mobilization in emerging markets and developing economies. 

Bloomberg Philanthropies’ support will enable IRENA to advance efforts to drive the widespread adoption of renewable energy and reduce political, technical, and financial barriers to the energy transition by building capacities in Southeast Asia, Africa, and Latin America, strengthening project finance and preparation, and facilitating private capital mobilization. A robust supply of bankable renewable energy projects is one of the main barriers to scaling up the financing of clean energy—especially in emerging markets and developing economies—by 2030 and expanding the technical and financial feasibility work needed to deliver a robust pipeline of potential projects. 

“The UAE welcomes this ambitious partnership between Bloomberg Philanthropies and IRENA to champion innovation and deliver clean energy, climate action, and economic prosperity for emerging markets in the Global South,” said Sultan Al Jaber, president-designate of COP28 and chairman of Masdar, one of the world’s largest investors in renewable energy. “The world must move faster and further than ever before...and close the gap between ambition and reality. I look forward to working hand in hand with Bloomberg Philanthropies and IRENA to create a paradigm shift for tangible progress and help ensure that COP28 UAE delivers on its promise to deliver game-changing solutions for all.” 

(Photo credit: Getty Images/Sander Stock)