Bloomberg pledged financial support to the UN Environment Agency after Trump pulled out of the Paris Agreement.
The United Nations’ climate change agency will receive funding from billionaire Michael Bloomberg’s foundation after President Donald Trump announced the United States’ second withdrawal from the Paris Agreement.
In an announcement on Thursday, Bloomberg said the intervention was aimed at ensuring the United Nations Framework Convention on Climate Change (UNFCCC) was fully funded, despite the US withdrawing its support. has stopped
“From 2017 to 2020, in an era of federal inaction, cities, states, businesses and people rose to the challenge of keeping our nation’s promises — and now, we’re ready to do it again,” Bloomberg said. Joe, the UN Special Envoy for Climate Action and Solutions, said in a statement.
The United States typically provides 22 percent of the UNFCCC Secretariat’s budget, with the body’s operating costs estimated at $96.5 million for 2024-2025.
After being sworn in on Monday, Trump signed one of his first executive orders to pull the United States out of the climate accord and end all of the country’s international environmental financing commitments.
UNFCCC Executive Secretary Simon Steele framed Trump’s decision as a missed opportunity for the U.S. clean energy business, saying it only “sends all the vast wealth to rival economies.” Makes weather-related disasters worse.
European Climate Commissioner Wopke Hoekstra called Trump’s withdrawal a “really unfortunate development” for the US and the rest of the world.
Bloomberg’s decision to step in for a second term did so to fill the void left by the US federal separation.
In 2017, after the Trump administration’s first withdrawal from the Paris Agreement, Bloomberg pledged up to $15m to support the UNFCCC.
He also launched “America’s Pledge,” an initiative to track and report on U.S. non-federal climate commitments, to ensure the world can monitor U.S. progress as it progresses. It is still a fully bound party to the Paris Agreement.
Bloomberg sought the Democratic nomination for US president in 2019 but ended his campaign four months later.
