September 21, 2023

Global Edition

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Fighting for a Greener Planet: 'Perhaps the World's Single Largest Funder of Climate Activism' (New York Times)

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Since leaving public office 10 years ago, Mike Bloomberg, has emerged as perhaps the world’s single largest funder of climate activism, making himself an expensive thorn in the side of the fossil fuel industry. The former mayor says that so far he has spent $500 million in an effort to shut down coal and gas plants. This month he said he planned to spend another $500 million on the effort.

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The campaign against coal was largely successful. Coal is dirty and expensive, and Bloomberg’s money helped retire more than 70% of the coal-burning power plants in the country, according to the Sierra Club and other organizations, or about 370.

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Now he is going after a more challenging target: new petrochemical plants that make fertilizer, plastics and packaging. It won’t be easy.

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Last year, Bloomberg announced a campaign to block the construction of 120 planned petrochemicals plants, most of them in Texas, Louisiana, Pennsylvania, Ohio and West Virginia, pledging to spend $85 million on the effort.

A Marathon refinery in Lions, Louisiana, the site of a recent fire. The refinery is in an area known as Cancer Alley. (Photo credit: Bryan Tarnowski for The New York Times)

The new campaign, called Beyond Petrochemicals, has already notched at least five significant successes by directing small-scale grants to local activist groups, many of them run by families who live near the proposed plants, as well as multimillion-dollar donations to nonprofit law groups in places like Berkeley, California.

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Together, the activists and lawyers have in recent months helped stop construction of two natural gas facilities, an ethylene plant, a methanol plant and a plastics plant in St. James Parish, Louisiana

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During a recent interview at the headquarters of Bloomberg LP, Bloomberg said he was trying to help slow climate change, which he regarded as an existential threat to humanity.

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"If there’s something that can destroy the Earth and kill all living people, then it’s hard to argue you shouldn’t focus on that," he said. "I want my kids, your kids, to be able to have a life."

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"If what they’re doing is going to kill everyone, I don’t care how valuable what they do is," he said.

Sharon Lavigne (center) and her daughter Shamyra Lavigne (right) speaking with a sheriff during a confrontation at the site of a proposed new plastics plant. (Photo credit: Bryan Tarnowski for The New York Times)

Sharon Lavigne, who grew up in St. James Parish, is among the most outspoken community activists in a stretch of land between New Orleans and Baton Rouge with many industrial facilities. A few years ago, after watching years of development, she founded Rise St. James, a nonprofit organization that works to block new projects in the area.

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The group’s billboard towers above freeways in the area, identifying chemical companies that are seeking to expand their operations. Rise St. James was a lead plaintiff in a lawsuit that last year resulted in a judge effectively blocking construction of a new $9.4 billion facility planned by Formosa Plastics.

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"It’s a very expensive fight," she said. "So that Bloomberg money has helped."

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They have professionalized their operations, rolling out sophisticated websites, hosting fully catered community meetings and spending big on local advertising. And most importantly, they have hired an army of lawyers that has started a legal onslaught aimed at stymying the petrochemical industry one project at a time.

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But Bloomberg’s efforts to stop climate change have made him Public Enemy No. 1 in the plastics business. Local newspapers in Pennsylvania are also railing against the former mayor.

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Bloomberg is unrepentant. The additional $500 million he has committed will be used to continue his efforts to shut down coal and gas power plants around the country and help promote clean energy projects. And he says he is prepared to spend more to keep fighting the construction of new petrochemical plants.

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"Just because it’s good economically for you, if it’s killing people, I don’t think we want to do that," he said.

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He dismissed concerns about his efforts limiting economic growth in areas far from New York. "Human beings are innovative," he said. "If they can’t make it this way, but there’s a profit to be made, they’ll find another way to make it."

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In fact, he may soon be allocating more money toward his efforts to combat climate change. He has said that he intends to leave his 88 percent stake in Bloomberg LP to his foundation, Bloomberg Philanthropies. At that point, it could either sell the company or take it public, resulting in a windfall that could make it the largest charity in the country.

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Click here to read the full story, and here to read it on the Bloomberg Terminal. And read more here on Mike's newly announced $500 million commitment for Beyond Carbon to end fossil fuels and expand clean energy in the US.

What I'm Reading.

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US Economy Watch: Jerome Powell Says Fed 'Fairly Close' to Where It Needs To Be On Inflation, Signals One More Rate Hike This Year (Bloomberg)

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The Federal Reserve left US interest rates unchanged Wednesday while signaling borrowing costs will likely stay higher for longer after one more hike this year. Data published since the Fed’s last meeting at the end of July have generally shown the labor market and consumer spending remain resilient despite the rise in rates, while core inflation has continued to decelerate.

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Still, there are plenty of headwinds policymakers must consider. Oil prices have surged by about 30% since June, while a resumption of student-loan payments next month will take more discretionary spending power out of consumers’ hands.

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UK Inflation Fight: Bank of England Keeps Rates Unchanged for First Time in Almost Two Years (Bloomberg)

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Defense News: US Senate Confirms Gen. Charles Q. 'CQ' Brown Jr. as Chairman of the Joint Chiefs of Staff (Axios)

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After Gen. Mark Milley retires at the end of the month as the nation's top military officer, it'll be the first time the Pentagon's top two posts have been held by African Americans, with Defense Secretary Lloyd Austin as top civilian leader.

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Financial News: SEC to Impose New Rules and More Scrutiny for Labeling ESG, Value or Growth Investment Funds (Bloomberg)

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This Week in Paris: King Charles and Emmanuel Macron Hope to Build on Personal Bond Post-Brexit During State Visit (Associated Press)

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Technology Boost for Education: AI Identified Struggling Students at John Jay College, Who Were Given Additional Support, and the Graduation Rate Rose by 32 Points (New York Times)

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Hopeful in Hawaii: Lahaina's Burned Banyan Tree Grows Leaves After Maui Fires in Positive Sign for Long-Term Recovery (New York Times)

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Arts News: Paris Will Recycle the Material from Christo and Jeanne Claude’s Wrapped Arc de Triomphe for the 2024 Olympics (The Art Newspaper)

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Two years on from the unveiling of Christo and Jeanne Claude’s monumental 'Arc de Triomphe, Wrapped' (1961-2021), the work will get a new lease of life.

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Paris Mayor Anne Hidalgo announced this week that the structure will be recycled and repurposed for future use in the city, including "shade structures, tents or barnums" for the French capital’s 2024 Olympic and Paralympic games. "This is a very fine example of the art world’s ability to adapt to climate challenges," Hidalgo said.

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The effort is being led by the environmental organization Parley for the Oceans, which will specifically be working on recycling the 25,000 sq m of silvery-blue polypropylene fabric and the 3,000 meters of red polypropylene rope used to make the work.

Best of Late Night.

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With late night shows on hiatus due to the Hollywood writers strike, here are some throwback one-liners from the late night shows:

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"A man in Kentucky recently set a Guinness world record after driving a mile in reverse in just over 75 seconds. He then, smartly, refused the breathalyzer."

-- Seth Meyers, on a 2022 episode of 'The Late Show'

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On a 2022 New York lawsuit against Donald Trump, and his adult children, for a 'staggering' amount of fraud in his businesses, which goes to trial this year:

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"I’d say he needs a good lawyer, but that’s been true for a while now."

-- Seth Meyers, on a 2022 episode of 'The Late Show'

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"Something tells me his supporters are about to get a bunch of frantic emails that say, 'President Trump needs your help to prove the election was stolen. Click here to donate $1, $5 or $250 million!'"

-- Seth Meyers, on a 2022 episode of 'The Late Show'

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"It’s like I always say, the family that colludes together gets sued together."

-- James Corden, on a 2022 episode of 'The Late Late Show'

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