Michael Bloomberg to Invest $500 Million to Accelerate Closure of US Coal Plants

United States (Natural Energy News): In a resolute move to combat climate change head-on, former New York City Mayor Michael Bloomberg has pledged a staggering $500 million towards the next phase of his ambitious energy transition campaign. His mission: to shutter "every last" coal plant in the United States and drastically reduce gas-fired capacity by half before 2030.

This monumental $500 million investment, directed into his decade-long Beyond Carbon initiative, sets a bold agenda: to "finish the job on coal." Bloomberg's strategy involves collaborating with state and local organizations to compel the closure of approximately 150 remaining coal plants, cut existing gas generation by 50%, and thwart the construction of new gas-fired facilities.

Bloomberg's commitment to this cause is nothing new. He has already invested over $500 million in supporting the Sierra Club's Beyond Coal campaign. Originally aimed at retiring 30% of the U.S. coal fleet by 2020, the campaign surpassed expectations by accelerating the retirement of more than 60% of coal plants by that year. It also dedicated $85 million towards a parallel mission to combat the expansion of petrochemical plants in the United States.

"By collaborating with partners across the nation, we aim to revolutionize America's energy landscape by transitioning away from fossil fuels and embracing renewable energy sources," stated Bloomberg, who also serves as the U.N. Special Envoy on Climate Ambition and Solutions.

The allocated funds will bolster legal action brought against utilities and power companies by grassroots organizations. Additionally, they will support state and local policy advocacy, as well as provide financial assistance to local communities affected by coal plant closures, as announced by Bloomberg Philanthropies.

U.N. Secretary-General Antonio Guterres, addressing a climate summit during the annual high-level U.N. General Assembly, underscored the urgency of addressing climate change. He attributed the accelerated pace of climate deterioration in part to the "naked greed" of fossil fuel interests.

Michael Bloomberg's decisive financial commitment reflects a growing global determination to confront climate change by phasing out fossil fuels and transitioning to cleaner, more sustainable energy sources.