A look back at COP28 ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
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At COP28 — the UN Climate Change Conference held in Dubai this month — one
thing was clear to every global leader, mayor, business executive, and activist
in attendance: The world needs to rapidly accelerate climate action.

With that in mind, Mike, Bloomberg Philanthropies, and our partners spent the
days at COP announcing newinvestments
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people and the planet.

This edition of our Impact Newsletter focuses on initiatives unveiled at
COP28, from ensuring cleaner air in cities and funding local climate solutions,
to tracking private-sector emissions, driving clean energy investments in the
Global South, and cutting methane pollution.

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Mayors and other local leaders at the Local Climate Action Summit


The Topline: COP28
Key data points

At the first-ever Local Climate Action Summit, Mike announced a $65 million
commitment to bolster local climate action
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building, innovation, and local climate finance.

41% of people living in cities are breathing dangerously polluted air. Through
an expanded Breathe Cities program
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will work to reduce air pollution by 30% this decade, benefitting the planet —
and millions of residents.

Today it's possible to compare climate commitments and progress from 400
companies.The launch of the Net-Zero Data Public Utility's proof of concept
<[link removed]> is a step toward helping governments,
investors, and others transparently track the emissions of more private sector
entities, for free.

A collaboration to cut methane is part of a $40 million commitment by
Bloomberg Philanthropies designed toreduce emissions equivalent to 10 gigatons
of carbon dioxide by 2030 <[link removed]>.

Ocean-based climate interventions could account for nearly 50% of the carbon
solutions needed to reach our climate goals.The $250 million Ocean Resilience
and Climate Alliance — or ORCA — will help supercharge ocean-based climate
action <[link removed]>.

Emerging markets and developing economies need $2.4 trillion in annual
climate finance by 2030.The new Global Capacity Building Coalition
<[link removed]> will help increase the
availability and effectiveness of climate finance technical assistance programs
for clean energy and resilience in the Global South.



Turbocharging Local Climate Action
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No one feels the urgency for climate action like mayors facing extreme heat,
wildfires, flooding, and other climate chaos in the communities they serve.
This year, for the first time ever, local leaders were officially invited to
take part in COP proceedings.

Hundreds of mayors and local officials came together with global leaders and
other stakeholders for the inaugural Local Climate Action Summit. You canwatch
the first full day of the Summit <[link removed]>,
with remarks from UN Secretary-General António Guterres, COP28 President & UAE
Special Envoy for Climate Change H.E. Dr Sultan al Jaber, Paris Mayor Anne
Hidalgo, Mike and others, or see highlights below:


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WATCH HIGHLIGHTS
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at COP28: Highlights from the Local Climate Action Summit>
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At the Summit, Mike announced a $65 million commitment to accelerate local
climate solutions <[link removed]>
by providing critical support to leading city networks, expanding data and
research, and strengthening capacity for local climate finance.

LEARN MORE <[link removed]>


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at COP28: A $65 million commitment to accelerate local climate solutions>
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We introduced the Bloomberg Philanthropies Youth Climate Action Fund
<[link removed]>, which will help
tap the energy and urgency young people are bringing to the climate fight by
providing mayors with support to engage climate solutions driven by people
between 15 and 24 years old.

LEARN MORE <[link removed]>


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at COP28: Youth Climate Action Fund>
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In addition, the Subnational Climate Action Leaders' Exchange, or SCALE — an
initiative between Bloomberg Philanthropies and the U.S. State Department
launched last year at COP27 — marked a successful first year by kicking offa
transformational effort to help local leaders cut methane from the waste sector
<[link removed]>.

LEARN MORE <[link removed]>


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at COP28: Subnational Climate Action Leaders' Exchange tackles methane from the
waste sector>
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Unleashing Climate Finance <[link removed]>

The technology challenges of powering the world with clean energy have largely
been solved. Today, accelerating the clean energy transition depends on
accelerating investments that drive clean energy adoption, especially in
emerging markets and developing economies.

At COP28, Mike joined senior leaders of multilateral development banks,
finance, and international organizations to launchthe Global Capacity Building
Coalition <[link removed]>, which he called
"the broadest coalition ever assembled to increase finance for clean energy and
resilience in the Global South."

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LEARN MORE <[link removed]>


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at COP28: The broadest coalition ever assembled to increase finance for clean
energy and resilience in the Global South.>
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To further expand climate investments, investors and others need access to
reliable, transparent data about private sector climate efforts. To help
provide that data, Mike and French President Emmanuel Macron unveiled theproof
of concept for the Net-Zero Data Public Utility
<[link removed]>, which will be the world's first
global, centralized, open repository for private sector climate
transition-related data, freely accessible to all.

LEARN MORE <[link removed]>


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at COP28: the world's first global, centralized, open repository for private
sector climate transition-related data freely accessible to all>
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Supporting Innovative Solutions <[link removed]>

From the open ocean to industrial facilities, there are extensive
opportunities to cut emissions, boost economic activity, and improve lives with
the right solutions.

A new $250 million philanthropic investment will help expand solutions with
one of our most powerful and overlooked allies in the climate fight: the ocean.
The Ocean Resilience and Climate Alliance, or ORCA
<[link removed]>, will bring together leading ocean and
climate institutions to find creative ways to reduce emissions and protect the
ocean.

LEARN MORE <[link removed]>


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<[link removed]
at COP28: A $250 million philanthropic investment to expand ocean-based climate
solutions>
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Every year, urban air pollution affects the health of billions of people,
while adding to the climate challenge. After successful pilot projects,the
Breathe Cities program <[link removed]>
announced a new cohort of cities around the world that will be provided with
funding, technical support and more to reduce toxic air pollution to improve
health, and cut carbon emissions to protect our planet.

LEARN MORE <[link removed]>


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at COP28: Helping cities reduce toxic air pollution to improve health and cut
carbon emissions to protect our planet>
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To cut methane, one of the most potent greenhouse gases, public and private
sector leaders need the ability to accurately track and measure emissions.
Through a broad new partnership,Bloomberg Philanthropies is helping provide
transparency and accountability on methane emissions
<[link removed]> from the oil and gas
sector.

LEARN MORE <[link removed]>


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at COP28: Transparency and accountability on methane emissions from the oil and
gas sector>
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Heavy-emitting sectors like energy, transportation, and industrial production
are some of the most difficult climate challenges to solve. To help make
meaningful steps forward in the decarbonization of these and other sectors,the
Industrial Transition Accelerator <[link removed]> will
bring global industry leaders together with policymakers, finance, and
technical experts to unlock investment and rapidly scale implementation and
delivery of projects needed to cut emissions.

LEARN MORE <[link removed]>


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at COP28: Working to cut emissions from heavy industry>
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Photo Spotlight


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Mike and Tanzanian President Samia Suluhu Hassan connected over cups of Q
Coffee and Kazi Yetu tea at the Q Coffee Café at COP28's Expo City.Question
Coffee is a social enterprise supported by Bloomberg Philanthropies's Women's
Economic Development Initiative
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, which trains women farmers and producers, and increases economic independence
for them and their families.

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More Stories

Op-Ed: Climate-Vulnerable Cities Will Finally Have a Voice at UN Summit |
Michael R. Bloomberg and Mohamed-Sefiani (Morocco World News)
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Op-Ed: At COP28, Cities Will Show Us the Way | Michael R. Bloomberg and Yvonne
Aki-Sawyerr (Project Syndicate)
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Op-Ed: Public-private partnerships are the way to go for real climate action
beyond good intentions | N Chandrasekaran, Shemara Wikramanayake, and Mike
Bloomberg (The Economic Times, India)
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Op-Ed: Cities can lead in combatting climate change — Dubai is showing the way
| Abdula Al Basti and Michael R. Bloomberg (The National)
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Article: Free Climate Data Platform to Offer Sneak Peek at COP28 (The Wall
Street Journal)
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Report: Paris to Dubai: Local Climate Leadership in Action
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Know someone who would be interested in the Impact Newsletter? Forward this
email ortell them to subscribe at Bloomberg.org.
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About our work

Bloomberg Philanthropies invests in 700 cities and 150 countries around the
world to ensure better, longer lives for the greatest number of people. The
organization focuses on five key areas for creating lasting change: the Arts,
Education, Environment, Government Innovation, and Public Health.


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Public Health

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Education

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Government
Innovation

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Environment
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The Arts

Bloomberg Philanthropies encompasses all of Michael R. Bloomberg's giving,
including his foundation, corporate, and personal philanthropy as well as
Bloomberg Associates, a pro bono consultancy that works in cities around the
world. In 2022, Bloomberg Philanthropies distributed $1.7 billion.

Learn more at Bloomberg.org
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