Good morning from Cambridge,

In a commencement address today at the Massachusetts Institute of Technology, Mike Bloomberg will launch a $500 million campaign called Beyond Carbon — the largest-ever philanthropic effort to fight the climate crisis.

Beyond Carbon will put the U.S. on track towards a 100% clean energy economy by working with advocates around the country to build on the leadership and climate progress underway in states, cities, and communities.

From the New York Times: “The new campaign, called Beyond Carbon, is designed to help eliminate coal by focusing on state and local governments. The effort will bypass Washington, where Mr. Bloomberg has said national action appears unlikely because of a divided Congress and a president who denies the established science of climate change.”

“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,” Mike Bloomberg said in a statement. “Mother Nature is not waiting on our political calendar, and neither can we.”

“Now more than ever, we need elected officials who will not shy away from or deny the reality of the crises we face, a warming climate foremost among them, said New Mexico Governor Michelle Lujan Grisham. “We’re lucky to have Mike Bloomberg and his Beyond Carbon initiative working to build momentum as we collectively do the work necessary to preserve our planet for our grandkids and their grandkids. There’s no time to waste.”

Read more:
Michael Bloomberg Promises $500 Million to Help End Coal (New York Times)
Michael Bloomberg to Plunge $500 Million into Clean Energy Effort (Associated Press)
Moving the United States Toward a 100% Clean Energy Economy (Beyond Carbon official website)

Today’s headlines.

Breaking: U.S. Jobs Rise 75,000, Missing Forecasts as Wage Gains Cool (Bloomberg)
U.S. employers added the fewest workers in three months and wage gains cooled, suggesting broader economic weakness and likely boosting calls for a Federal Reserve interest-rate cut as President Donald Trump’s trade policies weigh on growth.

Payrolls rose 75,000 in May after a downwardly revised 224,000 advance the prior month, according to a Labor Department report Friday. The increase missed all estimates in Bloomberg’s survey calling for 175,000. The jobless rate held at a 49-year low of 3.6% while average hourly earnings climbed 3.1% from a year earlier, less than projected.

First on the Bloomberg:
-China’s Central Bank Chief Sees `Tremendous Room’ to Aid Growth (Bloomberg)
-US Warns Mexico Tariffs Are Coming With More Talks Set Friday (Bloomberg)
-Germany to Explore Commerzbank-ING Deal With Netherlands (Bloomberg)

Weekend Read: Towing an Iceberg: One Captain’s Plan to Bring Drinking Water to 4 Million People in South Africa (Bloomberg Businessweek cover)
To help address Cape Town’s water crisis, marine-salvage master Nicholas Sloane plans to harness and tow an enormous Antarctic iceberg to South Africa and convert it into municipal water.

Sports Section. Pro Athletes Form Council Promoting Gun Violence Awareness (Sports Illustrated)
Everytown for Gun Safety, the Mike Bloomberg founded and funded gun safety organization, announced that players from the NBA, NFL and WNBA are partnering to form the Everytown Athletic Council. The council’s founding members include the WNBA’s Devereaux Peters, NBA’s Joakim Noah and NFL’s Xavier Rhodes, Delanie Walker and DeAndre Washington.

The 2019 Women’s Football World Cup: One Million Tickets Sold as France Faces South Korea in Opening Match Today in Paris (BBC Sport)
More: Ten Stars to Watch in the 2019 Women’s Football World Cup (France 24)

Best of late night.

On Robert Downey Jr. proposing the use of nanotechnology to clean up the environment:

“What makes this extra cool is who is saying it…it’s Tony Stark! It almost feels like Robert has been playing Iron Man for so long that now he is just living it.”
— Trevor Noah

On President Trump describing Prince Charles as “really into climate change” and someone who cared about “future generations” and “people” in a TV interview in the U.K.:

“It’s as if they were talking about a band at Coachella or something.”
— Jimmy Kimmel

“He’s ‘really into’ climate change? It is a global crisis, not kombucha.”
— Stephen Colbert

On U.S. plans to raise tariffs on products from Mexico:

“Everyone is gonna feel these tariffs. Our top four agricultural imports from Mexico are beer, avocados, tomatoes and tequila. Trump is putting a tariff on summer!”
— Stephen Colbert

For more Best of Late Night from the New York Times, click here.