Michael Bloomberg announces initiative to phase out coal in Bangladesh and 24 other countries

United Nations (UN) special envoy on climate change and billionaire philanthropist Michael Bloomberg announced a new international plan to help Bangladesh and 24 other countries phase out coal by 2040.

However, Michael Bloomberg's announcement did not include a new financial pledge; the initiative will focus on helping develop business plans, national policies and technical resources that countries need to mobilise big-dollar investments in clean energy, reports the New York Times. 

The alliance of governments — under a partnership with Bloomberg Philanthropies and Sustainable Finance For All, a United Nations body — will concentrate on countries where energy demand is projected to grow, and where renewable energy potential is plentiful.

The coalition of governments includes Bangladesh, Botswana, Brazil, Cambodia, Colombia, the Democratic Republic of Congo, Egypt, Ethiopia, Ghana, Kenya, Madagascar, Mexico, Morocco, Mozambique, Nigeria, Pakistan, Philippines, Rwanda, Senegal, South Africa, Tanzania, Thailand, Turkey, Uganda and Vietnam.

The group's goal is to see coal plants retired in many developing countries by 2040, with some wealthier countries ending coal use by 2030.

"We have seen that it is possible to expand access to clean, affordable energy and cut carbon emissions at the same time," Michael Bloomberg said in a statement, noting that in the United States more than two-thirds of coal plants have shuttered thanks to a mix of activism that has prompted Democratic administrations to impose regulations, and market forces that have made coal far more expensive than gas or solar.

Bloomberg has given more than $500 million to help end coal use in the United States. 

He said that for developing countries, policy analysis and technical assistance were "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."

Coal is the single largest source of planet-warming emissions and is still a major source of energy generation in many nations.

At the same time, attracting private-sector dollars for wind, solar and other renewable power has been a challenge, particularly in developing countries.