Former New York mayor Michael Bloomberg has pledged $500 million to a new campaign that aims to close every coal power plant in the U.S. and stop the widening use of natural gas, The New York Times reports. The “Beyond Carbon” campaign reportedly seeks to close the remaining 241 coal power plants in the U.S. by the year 2030 by funding environmental groups’ lobbying efforts on the state and city level and giving money to local candidates who champion clean energy. “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,” Bloomberg said in a statement. “Mother Nature is not waiting on our political calendar, and neither can we.” A spokesperson for Bloomberg said the effort, meant to “bypass Washington” in climate change reform, will see most of its money spent in the next three years—but the timetable could be extended. Bloomberg will formally unveil the plan when he gives the commencement address at the Massachusetts Institute of Technology on Friday, the Times reports.