Bloomberg gives $20 million for down-ballot races focused on climate

Mike Bloomberg is ploughing an additional $20 million into this election cycle, flooding the airwaves in North Carolina, Texas and Arizona to promote down-ballot candidates who share his views on climate.

The big picture: Bloomberg's last-minute cash infusion comes on top of the $100 million he pledged last month to help Joe Biden win Florida.

Why it matters: With Democrats flush with cash at both the presidential and congressional level, Bloomberg is looking for returns further down the ballot, investing in races that are flying below the national radar.

• "These may not be races that you’ve heard of, but they are where we thought we could make a difference," said Brynne Craig, the campaign manager for Bloomberg's Beyond Carbon Victory Fund.
• "These offices play roles that could help each of their states combat climate change."

By the numbers: The group is putting nearly $8.5 million into TV, radio and digital advertising to support Democrat Yvonne Lewis Holley for lieutenant governor of North Carolina. 

• In Arizona, Bloomberg's group is spending $6.3 million to win a majority on the Arizona Corporation Commission, which sets energy standards for the state.
• In Texas, Bloomberg personally gave $2.5 million to Chrysta Castañeda’s campaign for the Texas Railroad Commission, which oversees everything from gas utilities to pipeline safety.
• He's also personally giving $500,000 to the North Carolina Democratic Leadership Committee.