Michael Bloomberg Plans to Spend $500 Million to Shut Down All US Coal Plants

New York City's former mayor and billionaire philanthropist Michael Bloomberg doubled down on his plans to shut down fossil-fuel burning power plants, putting up another $500 million for the effort.

His "Beyond Carbon" campaign aims to "finish the job on coal" and "shut down every last U.S. coal plant," Bloomberg Philanthropies announced Wednesday. It also aims to shutter natural gas-powered plants and block all new gas plants. And it hopes to help the nation achieve the goal of 80% electricity generation from renewable sources.

The money will go toward funding research and expert analysis on the issue, funding litigation to against coal plants, grassroots organizational campaigns and lobbying.