Bloomberg LP and Bloomberg Philanthropies founder and United Nations special envoy on climate ambition and solutions Michael R. Bloomberg has announced a $500 million commitment to expand its Beyond Carbon campaign.

The commitment builds on a $500 million commitment from Bloomberg Philanthropies in 2019 to launch Beyond Carbon, the largest philanthropic effort to transition from carbon pollution and address the climate crisis in the United States. To date, the initiative has helped secure the retirement of more than 70 percent of U.S. coal plants and stopped more than 30 percent of planned gas capacity. By 2030, the campaign aims to shut down the remaining U.S. coal plants, cut gas plant capacity in half while blocking all new gas plants, and increase U.S. clean energy four-fold, reaching 80 percent of total electricity generation. The initiative advances the work of environmental partners including Earthjustice, Hip Hop Caucus, Sierra Club, RMI, League of Conservation Voters, Advanced Energy United, and Coalfield Development, which collectively are building on strategies such as data and research, supporting grassroots community organizing and litigation, policy and advocacy efforts, clean energy deployments, and coal refinancing.

“The fossil fuel industry has admitted to creating ‘sacrifice zones’ around their plants—where Black, brown, Indigenous, and poor communities endure polluted water and air, and increased asthma and cancer rates,” said Hip Hop Caucus president and CEO Rev. Lennox Yearwood, Jr. “Frontline communities have fought against this toxic industry for decades, but the Beyond Carbon campaign changed the power dynamic, giving resources to local groups that say enough is enough, we deserve better. We are done dying! This new investment by Bloomberg Philanthropies will further fuel the transition away from dirty to clean energy, and that’s a win for our climate and for environmental justice.”

“Thirteen years ago, when cap and trade efforts failed in Congress, our team refused to let politics trump progress. Since then, Bloomberg Philanthropies has helped retire more than 70 percent of all U.S. coal plants, which accounts for more than 80 percent of all emissions reductions in the United States since 2010,” said Bloomberg. “Today marks a new chapter in the Beyond Carbon campaign, as we move to finish the job. By working with our partners across the country, we hope to transform the way we power America by moving beyond fossil fuels and replacing them with renewable energy. I look forward to the progress we’ll make together.” 

(Photo credit: Getty Images/studio 023)