Following President Donald Trump’s announcement that the United States would withdraw from the Paris Agreement for the second time, billionaire Michael Bloomberg announced Thursday that his foundation would take over funding the UN climate change organization.
In spite of the United States ceasing its contributions, Bloomberg’s involvement seeks to guarantee that the United Nations Framework Convention on Climate Change (UNFCCC) maintains full funding.
The UNFCCC secretariat’s running expenses are estimated to be 88.4 million euros ($96.5 million) in 2024–2025, with the United States contributing 22 percent of the organization’s budget.
“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 marks the second time Bloomberg has stepped in to fill the gap left by US federal disengagement.
In 2017, following the Trump administration’s first withdrawal from the Paris accord, Bloomberg pledged up to $15 million to support the UNFCCC.
He 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.
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.
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