Former New York City Mayor Michael Bloomberg has unveiled plans to inject $500 million into the next phase of his Beyond Carbon campaign. The initiative is focused on an ambitious goal: shutting down all remaining coal plants in the United States and reducing gas-fired capacity by half by the year 2030.

This significant financial commitment aims to work collaboratively with state and local organizations to accelerate the closure of approximately 150 coal plants that are still operational, drastically cut existing gas generation, and block the construction of new gas-fired facilities.

Bloomberg has previously invested over $500 million in support of the Sierra Club’s Beyond Coal campaign. Originally designed to retire 30% of the nation’s coal fleet by 2020, the initiative exceeded expectations by retiring over 60% of coal plants by that deadline. Additionally, $85 million was directed towards a mission to combat the expansion of petrochemical plants in the United States.

The funds will be allocated to support legal action against utilities and power companies by grassroots organizations, advocate for state and local policies, and provide financial assistance to communities impacted by coal plant closures.

Bloomberg’s commitment to this cause aligns with his role as the UN Special Envoy on Climate Ambition and Solutions. It reflects a global consensus, with UN Secretary-General Antonio Guterres highlighting the urgency of addressing climate change during the annual high-level UN General Assembly, emphasizing the role of fossil fuel interests in hindering progress.

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