Billionaire, philanthropist, and former NYC Mayor Michael Bloomberg announced this week that he will invest $500 million into his campaign to shut down coal plants and halve gas use by 2030.

Through the Beyond Carbon campaign, Bloomberg has successfully helped shut down about 70% of all coal plants in the U.S. This new push is intended to shut down the remaining 150 coal plants. The Beyond Carbon initiative also aims to work with a range of local and state organizations to block the construction of new gas plants.

The financing is intended to support research, including studies and analysis to deliver accurate data to partnering organizations and officials for better decision-making. It will also fund local policy and advocacy, along with litigation brought against power companies.

According to a press release from Bloomberg Philanthropies, this push to shut down coal-fired power plants will push officials to invest in renewable energy and clean jobs. “Our climate is warming at a breakneck pace, and there’s more urgency than ever to cut emissions from fossil fuels & move the U.S. faster toward a clean energy future,” Bloomberg tweeted yesterday, referring to the recent announcement.