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#Bloomberg: 'Nou pa dwe kite yo genyen'

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Billionaire philanthropist Michael Bloomberg (Foto) says the United States will meet its global warming goals “with or without the support of the federal government”, writes Martin Banks, in an exclusive interview for EU Reporter.

He was speaking at an event in Brussels nan Jedi (22 mas) about climate-related financial disclosures (TCFD).

Following President Trump’s much-criticized decision to withdraw from the Paris climate pact, agreed in April 2016 Bloomberg put together a group of US states, cities and businesses, under the 'We are still in coalition' slogan.

“When it comes to climate change, we are all in this together,” Bloomberg said nan Jedi. “We don’t need Congress or the White House to forge partnerships.”

He added that “states, businesses and cities had led the way” in the US in making progress towards meeting the Paris agreement which deals with greenhouse gas emissions mitigation, adaptation and finance.

“Businesses have a strong incentive to lead on climate change and my own company aims to have 100 per cent clean energy by 2025. In fact, we already have improved energy efficiency by over 40%, saving $50m, so we are ahead of schedule.

"I want to say that the US will meet its Paris commitments with or without the support of the federal government and, in fact, with the closure of coal-fired energy plants, for example, we are already half way there. The US is by far and away the biggest industrialized country on the planet leading on this issue.”

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Bloomberg, who is chair of the Task Force on Climate-related Financial Disclosures (TCFD) and UN Special Envoy for Climate Action, added: “More transparency will drive capital to companies that are mitigating risks posed by climate change and capitalizing on the opportunities it presents. Businesses have strong incentives to lead the way on climate change, and better data will help them do more and act faster. I want to thank all of the Belgian leaders who joined our growing coalition today.”

The task force received a major boost nan Jedi with Belgian capital markets supervisors and its stock exchange publicly declaring their support.

Much remains to be done, however, with Bloomberg saying companies still do not have reliable information about climate change and how it affects their holdings. Without good data, markets risk being obscured, warned Bloomberg who took part in a New York Stock Exchange-style bell ringing ceremony at the offices of Euronext Brussels.

At least one-fifth of the EU budget will be spent on climate and energy-related matters during the EU’s next seven-year budgetary period (2021-2027), and Bloomberg’s appearance in Brussels coincided with the 'High-level conference: Financing sustainable growth' organized by the European Commission and which he also attended.

The task force, led by Bloomberg and established by the Financial Stability Board (FSB), is chaired by Bank of England Governor Mark Carney. It developed voluntary recommendations on climate-related information that companies should disclose to help investors, lenders, and others make sound financial decisions.

With the Belgian endorsements  nan Jedi a total of 252 companies and 37 other organizations have publicly expressed their support for the task force, including now four governments and 23 financial regulators.

Bloomberg, speaking on the second anniversary of the Brussels attacks tthat killed 32 people and injured scores of others, also warned about the ongoing threat from terrorism saying, “Unfortunately, we have had to learn to live with this threat and we must not become complacent. The threat is never far away and we must continue to fight those who would seek to take away our freedom and liberties.

“We must not let them win.”

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