Former New York City Mayor Michael Bloomberg has a new mission: closing every coal plant in the U.S. by 2030.

The goal is part of Bloomberg's new Beyond Carbon initiative, which he will formally announced during a commencement address at the Massachusetts Institute of Technology Friday, The Associated Press reported. Bloomberg is pledging $500 million towards an effort to close coal plants and transition the country towards 100 percent renewable energy. It is the single-largest philanthropic effort dedicated to addressing the climate crisis, Bloomberg's foundation said.

The campaign will focus on state and local energy policy in an attempt to work around the Trump administration's pro-fossil-fuel agenda. "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. Mother Nature is not waiting on our political calendar, and neither can we," Bloomberg said, as The Associated Press reported.

Most of the money will be spent over the next three years in an effort to support green political candidates and environmental groups lobbying state and local governments and public utility commissions to shut down coal plants and replace them with wind and solar power, The New York Times reported. "Beyond Carbon is working to get the country on the path to a 100 percent clean energy economy and ensure that after the 2020 election, the next Administration inherits a country already well on the way to a full clean energy economy," the website reads.