Michael Bloomberg arms green lobby for fight against oil interests

{"text":[[{"start":7.45,"text":"Michael Bloomberg has pledged almost $300mn to help renewable energy industry associations counter a well-financed oil lobby as countries around the world face tough policy decisions in the wake of the Middle East war."}],[{"start":21.4,"text":"The billionaire, who made his fortune through the data terminals that are ubiquitous in the financial industry, has become a major donor to climate causes, providing more than $3bn in just over a decade through his family foundation and his philanthropic arm. "}],[{"start":37.15,"text":"Bloomberg Philanthropies will announce a further $590mn in environmental funding, including for ocean conservation and efforts to reduce air pollution, over the course of London Climate Action Week, which started on Saturday and runs until June 28."}],[{"start":53.25,"text":"The biggest contribution, at $285mn, will go to supporting the rollout of renewables through direct financing of industry associations as well as data and other support."}],[{"start":65.05,"text":"Bloomberg’s move comes as governments reassess future power plans in the wake of the recent energy crisis, which prompted some countries to switch coal-fired plants back on and others to fast-track renewable projects. "}],[{"start":77.8,"text":"Green lobby groups say they often lack the political and institutional might needed to compete against fossil-fuel interests, particularly in emerging markets."}],[{"start":87,"text":"Bloomberg, who is the UN special envoy on climate ambition and solutions, said although “clean energy is now cheaper than fossil fuels in virtually every part of the world . . . fixable obstacles are still slowing down deployment”."}],[{"start":101.35,"text":"“With energy demand rising at an unprecedented speed,” he added, “we can’t allow those obstacles to continue standing in the way of lower energy costs for households and businesses, and cleaner air and water for communities.”"}],[{"start":114.14999999999999,"text":"Sonia Dunlop, chief executive of the Global Solar Council, said that in many markets “the economics are there, the projects are ready, but what slows us down is the institutional and political representation gap”."}],[{"start":126.94999999999999,"text":"The new money will largely go to industry groups in emerging and developing countries, including India, Indonesia, Vietnam, South Africa, Kenya, Nigeria, Ghana, Brazil, the Philippines, Colombia and Mexico. "}],[{"start":142.29999999999998,"text":"The Philippines became the second-largest importer of Chinese solar panels this year, while countries including Nigeria and Pakistan have experienced solar booms in recent years. "}],[{"start":152.54999999999998,"text":"Under Bloomberg’s plans, the funding will double or triple the total budgets for most of the renewable energy associations targeted. The money will also be used for data and economic analysis, as well as to provide technical help for governments and regulators and work on financing."}],[{"start":169.2,"text":"“Most of the world’s energy growth is happening in emerging countries, and it’s happening in electricity,” said Dave Jones, co-founder of London-based green energy think-tank Ember. “What is slowing deployment are structural barriers, among them a lack of quality of data and analysis to drive policy decisions.”"}],[{"start":187.85,"text":"He said the Bloomberg investment would help give “industries, governments and investors the information, metrics and forecasting they need” to drive the rollout of renewables."}],[{"start":197.35,"text":"The latest cash follows a pilot programme over the past year targeting about 10 groups, including the Global Solar Council, Kenya Renewable Energy Association, Asia PV Industry Association and the Pakistan Solar Association."}],[{"start":212.65,"text":"Ailun Yang, who oversees energy transition work at Bloomberg Philanthropies, said the new funding would help “deepen and broaden” the impact of the recipient associations, “doubling down on a strategy that has already demonstrated strong results at a pivotal time for the renewable energy sector”."}],[{"start":229.65,"text":"Saliem Fakir, executive director of African Climate Foundation, said what was lacking when it came to renewables in the continent was “not the potential, but the institutional infrastructure and capabilities to unlock it”."}],[{"start":243.1,"text":"The announcement came as tens of thousands of officials and executives and members of the public were expected to descend on London as the city hosts one of the world’s biggest climate weeks."}],[{"start":null,"text":"

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