Michael Bloomberg to plunge $500M into clean energy effort

WASHINGTON (AP) — Former New York City Mayor Michael Bloomberg is plunging $500 million into an effort to move the United States to a 100% clean energy economy and close all of the nation’s remaining coal plants by 2030.

According to the mayor’s team, the billionaire Bloomberg’s investment in the Beyond Carbon initiative marks the largest ever philanthropic effort to combat climate change.

The organization will bypass 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.

Bloomberg considered but ultimately passed on seeking the 2020 Democratic presidential nomination. Instead, he vowed to point his vast wealth and political connections toward fighting climate change and defeating President Donald Trump.