Former-New York City Mayor Michael Bloomberg had pledged to donate $500 billion to get the United States to stop using coal and natural gas.

Here’s what we know

According to Beyond Carbon’s website, the campaign “will work with state and local organizations working to pass climate and clean energy policies, including 100% clean energy laws, targets and timetables to phase out climate pollution, and implementation of programs to expand low-carbon transit, speed up the deployment of electric vehicles, get pollution out of buildings, and promote low-carbon manufacturing.”

In order to achieve its vision, Beyond Carbon has promised to get involved in helping sympathetic campaigns on a state and local level.

Although Bloomberg has said that he has no plans to join the already crowded field of Democratic presidential hopefuls (unless former-Vice President Joe Biden drops out), he has promised to use his substantial resources to fight for liberal causes.

Sound familiar?

Bloomberg has donated millions over the years to a similar Sierra Club campaign called “Beyond Coal.” This campaign claims to have retired 289 coal plants and reduced carbon emissions by 605 million metric tons. This, according to Bloomberg, allegedly saved 7,600 lives. This estimate is based on a hypothetical and therefore impossible to verify. Bloomberg donated more than $200 million over the years to Beyond Coal

A spokesperson for Bloomberg told Axios in early March when this campaign (but not the dollar amount involved) was first announced that even with the launch of the Beyond Carbon initiative, the Sierra Club would “remain an important partner along with others.”

How much is Bloomberg worth?

In March of this year, Forbes estimated that Bloomberg was the 9th richest person in the world, with a total net worth of roughly $55.5 billion. Since the 10th richest person, Google’s Larry Page, is worth $50.8 billion, even if Bloomberg didn’t add to his net worth at all the loss of half a billion dollars wouldn’t lose him his spot at number nine.

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