Former New York City Mayor Michael Bloomberg is plunging AUS$($715 million) into putting United States on track for a 100% clean energy economy.

The billionaire’s investment in the Beyond Carbon initiative marks the largest ever philanthropic effort to combat climate change, according to the mayor’s foundation.

The organisation will bypass the federal government and instead seek to pass climate and clean energy policies, as well as back political candidates, at the state and local level.

‘Mother Nature can’t wait,’ says Michael Bloomberg, putting his money where his mouth is. Photo: Getty

“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,” Mr.Bloomberg said.

The former Big Apple mayor had considered but ultimately passed on seeking the 2020 Democratic presidential nomination.

Instead, he vowed to point his vast wealth and political connections toward fighting climate change and defeating President Donald Trump.

The initiative mirrors Bloomberg’s work on gun control, which has focused on bolstering state and local efforts. The former mayor’s financial contributions to Democratic candidates who backed stricter gun laws was considered integral to the party’s ability to retake the House in 2018.

– AAP