Michael Bloomberg Wants to Close All Coal and Half of Natural Gas by 2030

Former New York City Mayor Michael Bloomberg has unveiled plans to inject $500 million into the next phase of his Beyond Carbon campaign. The initiative is focused on an ambitious goal: shutting down all remaining coal plants in the United States and reducing gas-fired capacity by half by the year 2030.

This significant financial commitment aims to work collaboratively with state and local organizations to accelerate the closure of approximately 150 coal plants that are still operational, drastically cut existing gas generation, and block the construction of new gas-fired facilities.

Bloomberg has previously invested over $500 million in support of the Sierra Club’s Beyond Coal campaign. Originally designed to retire 30% of the nation’s coal fleet by 2020, the initiative exceeded expectations by retiring over 60% of coal plants by that deadline. Additionally, $85 million was directed towards a mission to combat the expansion of petrochemical plants in the United States.

The funds will be allocated to support legal action against utilities and power companies by grassroots organizations, advocate for state and local policies, and provide financial assistance to communities impacted by coal plant closures.

Bloomberg’s commitment to this cause aligns with his role as the UN Special Envoy on Climate Ambition and Solutions. It reflects a global consensus, with UN Secretary-General Antonio Guterres highlighting the urgency of addressing climate change during the annual high-level UN General Assembly, emphasizing the role of fossil fuel interests in hindering progress.


Information for this story was found via Reuters, The New York Times, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Colonial Coal: With Steelmaking Coal Prices Rising, Company Could Be An Interesting Speculation

Metallurgical, or steelmaking, coal prices continue to soar, topping all expectations and potentially creating an...

Saturday, October 30, 2021, 09:00:00 AM

Bye Wind, Hello Coal: German Windmills Will Be Taken Down To Give Way To A Coal Mine

Eight wind turbines are about to be dismantled to make way for a planned Garzweiler...

Wednesday, October 26, 2022, 10:47:07 AM

Anglo American Faces Months-Long Shutdown at Major Coking Coal Project

Anglo American Plc‘s (LON: AAL) Grosvenor underground mine in Queensland, Australia, has been halted due...

Wednesday, July 3, 2024, 09:42:35 AM

Adani Group Caught Overinflating Coal Prices

The Adani Group, a powerful conglomerate with deep political connections in India, has come under...

Friday, October 13, 2023, 12:58:00 PM

China Faces Widespread Electricity Blackouts as Surging Coal Costs Create Supply Shortages

Just as we thought things couldn’t get worse for the world’s second largest economy— along...

Tuesday, September 28, 2021, 02:37:00 PM