Former New York mayor and billionaire Michael Bloomberg pledged $500 million on Friday towards his new ‘Beyond Carbon’ initiative under which he aims to close every single coal plant in the country by 2030 and help it transition towards 100% renewable power. Bloomberg made the announcement in a commencement speech at the Massachusetts Institute of Technology (MIT).
The campaign will focus on state and local energy policy to work around the Trump administration’s pro-fossil-fuel agenda.
“We’re in a race against time with climate change, and yet there is virtually no hope of bold federal action on this issue for at least another two years. Mother Nature is not waiting on our political calendar, and neither can we,” Bloomberg said.
Most of the money will be spent over the next three years in an effort to support green political candidates and environmental groups lobbying state and local governments and public utility commissions to shut down coal plants and replace them with wind and solar power.