The 2022 United Nations Climate Change Conference is currently being held, and as the world stares down at the exuberant issues of climate change, plans are being unveiled in order to help the crisis.

This year’s event is being held in Sharm El Sheikh, and news are beginning to trickle down about the pledges that are being made and the bold new initiatives.

One of the announcements was from Michael Bloomberg, a billionaire who was the former mayor of New York City and recently became a UN special envoy on climate change. The announcement was regarding a new international plan that will phase coal out of 25 countries across Africa, Asia, and Latin America by the year 2040.

This alliance of nations exists in partnership with Bloomberg Philanthropies.

The goal is to retire coal plants by 2040, and several wealthier countries in the group are aiming to rid themselves of this fuel source by 2030.

Mr. Bloomberg has already spent $500m of his own fortune helping the United States wean itself off of its reliance on coal power.

“We’ve seen that it’s possible to expand access to clean, affordable energy and cut carbon emissions at the same time. Doing it – and overcoming the hurdles that stand in the way of investment – requires partnership across government, business, and philanthropy,” said Mr. Bloomberg in a press co