- Associated Press - Friday, June 7, 2019

CAMBRIDGE, Mass. (AP) - Former New York City Mayor Michael Bloomberg says the world will pay a “terrible price” if political differences continue to get in the way of action on climate change.

Bloomberg, a Massachusetts native, used Friday’s commencement address at Massachusetts Institute of Technology to formally unveil his $500 million Beyond Carbon initiative , which his foundation calls the largest ever philanthropic effort to combat climate change.

The plan seeks to close all of the nation’s remaining coal plants by 2030 and put the U.S. on track toward a 100% clean energy economy.

The Boston Globe reports that Bloomberg sharply criticized political inaction in Washington and urged MIT graduates to act to help bring about solutions.

The billionaire’s initiative will focus on promoting climate and clean energy policies, and backing political candidates at the state and local level.

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