Michael Bloomberg Pumps $500 Million into Bid to Close All US Coal Plants

Former New York City Mayor Michael Bloomberg has committed $500 million to the next stage of his Beyond Carbon initiative, which aims to close all coal plants in the U.S. and reduce gas-fired capacity by 50% by 2030. This initiative will collaborate with state and local entities to shut down the remaining 150 coal plants, cut current gas generation in half, and prevent the construction of new gas-fired plants. Bloomberg has previously donated over $500 million to the Sierra Club's Beyond Coal campaign, which surpassed its goal by facilitating the retirement of over 60% of coal plants by 2020. The funds will also support legal actions against utility and power companies, policy advocacy, and financing to aid communities affected by coal plant closures. U.N. Secretary-General Antonio Guterres emphasized the urgency of addressing climate change, attributing some of the challenges to the fossil fuel industry's "naked greed".

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Photo Credit: Nikolay Kovalenko