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

This image a side profile of Bloomberg talking and wearing a suit.
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