NAIROBI, Kenya Jun 26 – Bloomberg Philanthropies has announced a new $285 million commitment aimed at accelerating the growth of clean energy industries worldwide as global electricity demand continues to surge.

The initiative, unveiled in London by UN Secretary-General’s Special Envoy on Climate Ambition and Solutions Michael R. Bloomberg, seeks to help emerging and developing economies scale renewable energy fast enough to meet growing demand driven by industrial expansion, artificial intelligence, electrification and population growth.

The funding will focus on strengthening clean energy institutions, improving technical expertise, supporting market reforms and unlocking private investment to help countries transition toward affordable and reliable renewable power systems.

“Clean energy is now cheaper than fossil fuels in virtually every part of the world,” Bloomberg said during the announcement. “But fixable obstacles are still slowing down deployment, and with energy demand rising at an unprecedented speed, we can’t allow those obstacles to continue standing in the way.”

According to Bloomberg Philanthropies, the support will target countries responsible for nearly 70 percent of global power-sector emissions, with the goal of helping solar and wind energy generate more than half of their electricity by 2030.

The initiative will support clean energy industry associations, strengthen regional networks, provide technical assistance to governments and regulators, and improve access to financing for renewable infrastructure projects.

United Nations Secretary-General António Guterres described the investment as a major step toward expanding the global renewable energy transition.

“The clean energy age has arrived,” Guterres said. “As demand for power surges, it must now scale fast in the economies that need it most.”

Renewable energy overtook coal for the first time in modern history in 2025, accounting for 34 percent of global electricity generation compared to coal’s 33 percent share, according to the announcement.

However, Bloomberg Philanthropies warned that while renewable technologies are advancing rapidly, many developing countries still lack the institutional and financial capacity needed to deploy clean energy at the pace required.

Energy and climate leaders from Africa, Asia and Latin America welcomed the initiative, saying it could help bridge long-standing gaps in policy, investment, grid infrastructure and technical expertise.

Kenya’s Special Envoy for Climate Change Ali Mohamed said Africa’s renewable energy potential remains enormous but financing and institutional barriers continue to slow progress.

“What has held back deployment is not a lack of ambition or resources on the ground,” Mohamed said. “It is the gap between that potential and the capacity to translate it into investment, projects and power on the grid.”

The latest commitment builds on more than a decade of Bloomberg Philanthropies-backed climate initiatives, including global campaigns that have contributed to the cancellation of nearly 450 coal plants worldwide and supported the deployment of more than 1,100 gigawatts of clean energy capacity.

Bloomberg Philanthropies said the new funding aims to ensure that countries driving future energy demand have the expertise, infrastructure and investment needed to build cleaner, cheaper and more secure energy systems.