Michael Bloomberg, former New York City Mayor, made a significant announcement on Wednesday, revealing his commitment to inject $500 million into the next phase of his energy transition campaign. The primary objective of this campaign is to achieve the closure of "every last" coal plant in the United States and to reduce gas-fired capacity by half by the year 2030.

This monumental $500 million investment represents a crucial addition to his decade-long Beyond Carbon initiative. The initiative is designed to "finish the job on coal" by collaborating with state and local organizations to advocate for the shutdown of approximately 150 coal plants that are still in operation. Furthermore, it seeks to cut the current gas generation in half and obstruct the construction of new gas-fired power plants.

Michael Bloomberg has already demonstrated his commitment to these goals by allocating over $500 million to support the Sierra Club's Beyond Coal campaign. Initially, this campaign aimed to retire 30% of the U.S. coal fleet by the year 2020. Remarkably, it ended up accelerating the retirement of more than 60% of coal plants by that very year. Additionally, it directed $85 million toward a parallel mission aimed at opposing the expansion of petrochemical plants in the United States.

Bloomberg's vision for the future of American energy is clear. He envisions a transformation that moves away from fossil fuels and replaces them with renewable energy sources.  As per the U.N. Special Envoy for Climate Ambition and Solutions, Bloomberg is profoundly dedicated to tackling the urgent issues posed by climate change.

The $500 million investment will serve several critical purposes. It will provide essential support for litigation efforts initiated by grassroots groups against utilities and power companies. Furthermore, it will bolster state and local policy advocacy, contributing to the overarching goal of transitioning away from coal and gas. The funding will also be allocated to assist local communities in the process of closing down coal plants, recognizing the need for a just and equitable transition for affected regions.

The urgency of addressing climate change was underscored by U.N. Secretary-General Antonio Guterres during a climate summit held at the annual high-level U.N. General Assembly. Guterres emphasized that time is running out to combat climate change, and he attributed part of the challenge to the "naked greed" exhibited by fossil fuel interests. This highlights the importance of initiatives like Bloomberg's, which seek to accelerate the transition to cleaner, more sustainable energy sources.