Bloomberg Philanthropies and the Heising-Simons family together launched a new Clean Energy Initiative to ensure America a clean, affordable and reliable energy system through advances in new energy technologies. The new initiative also involves a stronger, cleaner energy for improving air quality and helping fight the damaging health and economic impacts of climate change. The initiative will provide $48 million in grant funding to a broad range of stakeholders that will accelerate the transition of the U.S. power fleet toward cleaner electricity generation.

The new initiative will bolster collaborative, state-based approaches that encourage utilities to adopt technologies that have only recently become available and affordable. Since 2010, solar energy prices have plummeted by 80 percent, wind energy prices have been cut in half, and the cost of LED lighting has fallen by 80 percent. American consumers stand to benefit from these developments if state policymakers work with utilities to accelerate their adoption – the Clean Energy Initiative will help provide the technical assistance for the transition. More than half of the Bloomberg Philanthropies grant funding will go to support more than two dozen state and local partners, including the Institute for Energy Innovation and the Respiratory Health Association. Additional funds will provide support to national organizations such as the Center for the New Energy Economy, the Environmental Defense Fund, and the Natural Resources Defense Council.

"With the price of clean power falling, and the potential costs of inaction on climate change steadily rising, the work of modernizing America's power grid is both more feasible and urgent than ever. Pollution from power plants takes a terrible toll on public health, and it's the biggest contributor to our carbon footprint. But smart investments can reduce it while also strengthening local economies," said Michael R. Bloomberg. "These grants will help states meet new federal clean power requirements in ways that save money and lives."

Mark Heising added, "The science on climate change makes it abundantly clear that carbon pollution poses a deep threat to society, to agriculture, and to nature—and that early action is required to avoid these threats. New technologies ensure that the solutions to climate change can be cost-effective. This initiative is designed to accelerate those solutions."

To read the full Approach (including technical support, research and advocacy), please visit: Bloomberg Philanthropies and Partners Launch New Clean Energy Initiative to Limit Carbon Pollution From Power Plants and Spur Clean Energy Investments