The COP27 conference was a win for the planet, but more work – and investment – is crucial. For more, read Climate Progress Is Happening, Just Not Fast Enough.
- An important victory achieved at COP27 was the growing acceptance among nations that the battle against climate change requires more robust mobilization of private capital and a growing willingness to act.
- At COP27, a group of countries led by the U.S. and Japan announced a $20 billion financing package to support Indonesia’s plan to shift from coal to renewables.
- This agreement creates a model for assisting other nations that are heavily dependent on coal to transition to clean energy.
- Also at COP27, Bloomberg and Bloomberg Philanthropies announced various efforts to increase private-sector investment in clean energy, particularly in the developing world. This includes a data portal that will give companies the information they need to meet their net-zero pledges.
Path to 100% Perspective
If there’s one lesson to be drawn from COP27, it is this: no one person or company can change the world overnight. Big, meaningful change is something we all need to be invested in and committed to doing together. While governments can make ambitious commitments to decarbonize and transition to a 100% clean energy future, we need the private sector on board and engaged to meet net-zero goals. Private sector allies have the technologies and know-how that will enable us to accelerate the addition of renewable energy sources and phase out fossil fuels for good. Decarbonization is not just possible – it is technically and commercially feasible with technologies that are already available at scale.