At first glance, Michael Bloomberg would seem to have zero appeal in a Democratic Party where progressive populism is on the rise and activists and elites say it’s time for a woman or a person of color to win the White House.

But unlike any of the other presidential hopefuls, Bloomberg plays a dominant leadership role on two of the top issues on the minds of progressives heading into the 2020 cycle: climate change and gun control. He’s spent a decade as the nation’s preeminent financier on those issues, buying considerable goodwill in progressive circles. If he runs, those familiar with his thinking say, they’ll be the pillars of his campaign.

No successful presidential campaign has ever been anchored to those issues. But the politics surrounding climate change and gun control have changed dramatically in recent years, and nowhere more than in the Democratic Party. In a splintered field where the former New York mayor’s message would be reinforced by a theme of governing competence and private sector success, those close to him believe Bloomberg could find traction despite his seemingly awkward fit.

“He’s not going to be running to the far left like the other candidates are. He describes himself as fiscally moderate, fiscally conservative, but he’s clearly socially liberal and he’s a key driver of social policies,” said a top Bloomberg insider. “For Mike, it’s not ideologically driven, It’s pragmatic. People die from an excess of guns in America. People are dying and suffering and will continue to from the effects of climate change.”