Former New York Mayor Michael Bloomberg will donate $500 million to fund a new initiative to shut down every remaining coal-fired power plant in America by 2030, a high-powered effort to counter the pro-fossil fuel agenda emanating from the White House, his foundation said Thursday.

“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,” Bloomberg told The New York Times in a statement. “Mother Nature is not waiting on our political calendar, and neither can we.”

The Times said the $500 million would be spent over the next three years and fund lobbying efforts within local governments in an effort to help states transition to renewable energy. Some of the money will also go toward election campaigns for candidates who focus on clean energy. The funding will also be spent to help wean America off natural gas.

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