Billionaire entrepreneur Michael Bloomberg announced that his foundation will provide funding for the United Nations climate change body, following President Donald Trump’s decision to pull the US from the Paris Agreement.
This intervention ensures the United Nations Framework Convention on Climate Change(UNFCCC) remains fully funded, covering the 22% budget gap left by the US’s halted contributions.
Persecondnews recalls that President Trump announced plans to withdraw the US from the Paris climate deal on Monday after his inauguration.
Trump previously withdrew the U.S. from the Paris Agreement during his first term, a process that took several years to complete, only to be swiftly reversed by President Joe Biden in 2021.
America’s second withdrawal is expected to be a faster process, potentially taking only a year, as Trump won’t be bound by the deal’s initial three-year commitment.
Washington typically provides 22% of the UNFCCC secretariat’s budget, which is crucial for supporting the global response to climate threats, including organizing international climate conferences like COP30 in Brazil.
The UNFCCC secretariat’s operating costs for 2024-2025 are projected to be around €88.4 million, equivalent to $96.5 million.
The secretariat plays a vital role in supporting the global response to climate threats, organizing key international climate conferences, including the upcoming COP30, scheduled to take place in Brazil in November 2025.
Bloomberg, who serves as the UN special envoy on climate ambition and solutions, said in a statement that: From 2017 to 2020, during a period of federal inaction, cities, states, businesses and the public rose to the challenge to uphold our nation’s commitments and now, we are ready to do it again.”
This marks the second time Bloomberg, the former mayor of New York, has stepped in to fill the financial gap left by the US federal government’s withdrawal from international climate commitments.
Persecondnews also recalls that In 2017, after the Trump administration’s initial withdrawal from the Paris Agreement, Bloomberg pledged up to $15 million to support the UNFCCC.
Bloomberg also launched “America’s Pledge,” an initiative to track and report US non-federal climate commitments, ensuring the world could monitor US progress as if it were still a fully committed party to the Paris Agreement.
Reacting to Bloomberg’s pledge, UN climate chief Simon Stiell praised the effort: “Contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and advancing a low-emission, resilient and safer future for all.”
Laurence Tubiana, a key architect of the Paris Climate Accord, praised Bloomberg’s generous donation, saying: “Generous donation will allow the world to maintain a vital forum for cooperation on the fundamental challenge of our time, which no country can solve alone or afford to ignore.”
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