Michael Bloomberg has pledged $500m to a campaign to close every coal-fired power station in the US and stop the growing use of natural gas.

Called Beyond Carbon the campaign was launched at the Massachusetts Institute of Technology and follows the Beyond Coal campaign launched in 2011.

“We’re in a race against time with climate change, and yet there is virtually no hope of bold federal action on this issue for at least another two years. Mother Nature is not waiting on our political calendar, and neither can we,” said Bloomberg.

Bloomberg has already spent $500m on climate-related efforts, from creating coalitions and initiatives that facilitate and enable global climate action (America’s Pledge, C40, the Global Covenant of Mayors), to driving the end of coal (Beyond Coal), elevating the global adoption of climate risk disclosure (SASB and the TCFD), combatting overfishing and protecting coral reefs (Vibrant Oceans), and bringing stories of community-led climate action to the public (“Climate of Hope”, “From the Ashes” and “Paris to Pittsburgh”).

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