Jun 7, 2019

Michael Bloomberg commits $500 million to wean the U.S. off coal

Michael Bloomberg on January 29, 2019 in Nashua, New Hampshire. Photo: Scott Eisen/Getty Images

Billionaire and former New York mayor Michael Bloomberg is putting $500 million into his new "Beyond Carbon" campaign, which aims to wean the U.S. off coal and halt construction of new natural gas-fired power plants.

The big picture: The push to help create a "100% clean energy economy" will devote resources to state and local efforts, Bloomberg said via his philanthropy.

  • A major goal of the campaign, which builds on his "Beyond Coal" work with the Sierra Club, is closing all U.S. coal plants by 2030.

But, but, but: As I noted when Bloomberg teased the new campaign in March, battling gas — which has gained ground in power markets at coal's expense —could be even tougher.

Where it stands: The campaign will also focus on low-carbon transit, EV deployment, climate-friendly manufacturing and emissions from buildings, the announcement states.

Go deeper: Why the U.S. coal industry is choking

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Major League Soccer embarks on its 25th season

Illustration: Aïda Amer/Axios

As Major League Soccer begins its 25th season, the league is financially stable and surging in popularity, and its 26 teams have gorgeous facilities and rapidly increasing valuations.

  • It also continues to expand, with David Beckham's Inter Miami and Nashville SC set to debut this season as the 25th and 26th teams. Plans are in place to reach 30 franchises by 2022 — triple the number from 2004.
Go deeperArrow26 mins ago - Sports

Wall Street opens with 2% drop as coronavirus correction worsens

Illustration: Aïda Amer/Axios

The stock market opened 2% lower on Friday morning, pushing stocks further into correction territory.

Why it matters: It continues the ugly stretch for Wall Street that began after a spike in coronavirus cases around the world. The S&P is 12% below its recent peak, edging closer to the mark that would technically end the market’s decade-long rally.

Go deeper: The growing coronavirus recession threat

Coronavirus updates: First case in sub-Saharan Africa confirmed

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Nigeria confirmed its first novel coronavirus case in an Italian who flew to Lagos from Milan — the first known case in sub-Saharan Africa. The World Health Organization has been working to prepare Africa's health care systems to be ready for the outbreak, which is now also confirmed in Algeria and Egypt.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,700 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 4 hours ago - Health