Singapore, November 16, 2022 — Against the backdrop of world leaders meeting at the UN Climate Conference in Egypt this week, the Bloomberg New Economy Climate Technology Coalition (the Coalition) has been launched today at the Bloomberg New Economy Forum taking place in Singapore. Reducing emissions through the expansion of new climate technology innovation is a critical step the international community must take to reach net-zero climate goals. A recent McKinsey analysis found that for the European Union more than 85 percent of emissions reduction could be achieved through technologies that are at least at the demonstration stage, while 60 percent could be met through mature technologies or those that are beginning to be early adopters. But to scale, these new technologies require capital and structures in place to share learnings with others, in order to drive further innovation.
The mission of the Coalition is to identify and rapidly scale the next generation of climate-critical green technologies that will be instrumental in achieving the world’s climate goals, accelerating the transition to the low-carbon economy. For example, identifying innovative ways to bridge the financing gap from early-stage ventures to full-scale commercialization.
The Coalition Steering Committee has a global breadth of expertise bringing together leaders from India, China, North America, Africa, Europe, Australia, and the Middle East including: Michael R Bloomberg, 108th mayor of New York City and founder of Bloomberg Philanthropies, Natarajan Chandrasekaran, Chairman, Tata Sons, Bruce Flatt, CEO, Brookfield Asset Management, Andrew Forrest, Chairman and Founder of Fortescue, Sara Menker, Founder and Chief Executive Officer, Gro Intelligence, H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, Neil Shen, Steward of Sequoia Capital, and Founding & Managing Partner of Sequoia Capital China, Lord Adair Turner, Chairman, Energy Transitions Commission, and Lei Zhang, Founder and CEO, Envision Group.
Over the coming months the Coalition will invite the world’s leading technologists, researchers, entrepreneurs, industrialists, investors and public sector leaders to become members.
