News Brief
US Billionaire Michael Bloomberg Steps In To Fund UN Climate Body After Trump's Second Paris Agreement Withdrawal
Former US President Donald Trump
US billionaire Michael Bloomberg announced on Thursday (23 January) that his foundation would provide funding for the UN climate change body following President Donald Trump's decision to withdraw the United States from the Paris Agreement for a second time.
The intervention by Bloomberg is intended to guarantee that the United Nations Framework Convention on Climate Change (UNFCCC) continues to be adequately funded, even as the United States ceases its contributions.
The United States contributes around 22 percent of the UNFCCC secretariat's budget, with the estimated operating costs for 2024-2025 standing at 88.4 million euros ($96.5 million).
"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," Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions, said in a statement.
This intervention marks the second instance of Bloomberg stepping in to address the funding shortfall caused by US federal disengagement.
Bloomberg also initiated “America’s Pledge,” a programme designed to track and report non-federal US climate commitments, enabling global observers to monitor the country’s progress as though it remained a full participant in the Paris Agreement.
Bloomberg reiterated his commitment to upholding US reporting obligations this time as well.
"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," said UN climate chief Simon Stiell.
