Michael Bloomberg to Invest $500 Million towards Clean Energy Effort

Mayor Michael Bloomberg has announced that it will be investing $500 million into an effort to close all of the nation's lingering coal plants by 2030 and put the United States on track in the direction of a 100% clean energy economy. The billionaire Bloomberg's investment in the Beyond Carbon initiative marks the largest ever philanthropic effort to combat climate change.

The organization will sidestep the federal government and instead seek to pass climate and clean energy policies, as well as back political candidates, at the state and local level.

"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 believed.

Bloomberg deliberated but eventually passed on seeking the 2020 Democratic presidential nomination.

Instead, he guaranteed to point his vast wealth and political connections in the direction of fighting climate change and defeating President Donald Trump.

Bloomberg will officially unveil the Beyond Carbon effort Friday during a inauguration address at the Massachusetts Institute of Technology.

The initiative mirrors Bloomberg's work on gun control, which has focused on bolstering state and local efforts. The former mayor's financial contributions to Democratic candidates who backed stricter gun laws was also considered integral to the party's ability to retake the House in 2018.

Bloomberg's foundation has spent several years working with the Sierra Club to seek the closure of the nation's coal plants.