Bloomberg Philanthropies boosts investment in Sierra Club to retire coal fleet

Bloomberg Philanthropies boosts investment in Sierra Club to retire coal fleet

Bloomberg Philanthropies announced it will invest an additional $30 million in the Sierra Club to secure the replacement of half the nation’s coal fleet by 2017 with clean energy. The new round of funding builds on a previous commitment of $50 million, raising the foundation’s overall investment in the Sierra Club’s Beyond Coal campaign to $80 million. This adds to the successful, state-driven and community-based strategy that has made it possible for the U.S. to become a world leader in aggressive emission reductions. Additionally, acting as a catalyst in the fight against climate change, Bloomberg will lead a coalition of funders which aim to match up to $30 million in grants, further boosting the Sierra Club’s capacity to move the U.S. towards clean energy sources faster.

The coalition of more than a dozen funders includes individual donors, family foundations and major philanthropic organizations recognizing the urgency to fight climate change. Select funders include the Hewlett Foundation, the John D. and Catherine T. MacArthur Foundation, the Yellow Chair Foundation, the Grantham Foundation and the Sandler Family Foundation.  Sierra Club Executive Director Michael Brune and Michael R. Bloomberg announced the investments at the Sierra Club in Washington DC.