The top line
Billionaire Michael Bloomberg announced Bloomberg Philanthropies will step up to help fund the United Nations’ climate change work after President Donald Trump’s second withdrawal from the Paris climate accord.
UN Special Envoy for Climate Aspirations and Solutions, Founder of Bloomberg Philanthropies and Global … [+]
Key facts
Bloomberg Philanthropies, along with other U.S. climate funders, will “ensure that the United States meets its global climate obligations,” which the organization said in a statement “by the U.S. Including filling the funding gap left by the United Nations Climate Change (UNFCCC) and maintaining the country’s conservation commitments.”
gave UNFCCC The United Nations Framework Convention on Climate Change is the United Nations Framework Convention on Climate Change, and its Secretariat is the main UN climate body that conducts negotiations between countries and implements agreements.
Bloomberg — former mayor of New York City, co-founder of Bloomberg Media and special envoy to the United Nations — also Helped to cover The U.S. share of its climate commitments with the United Nations from 2017 to 2020 after Trump withdrew from the Paris Agreement for the first time.
The organization did not disclose details of its donation or the names of other climate funders that are contributing.
Get Forbes Breaking News text alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts”. (201) 335-0739 Or sign up. Here.
Why did Trump withdraw from the Paris Agreement?
Withdrawing from the deal was one of Trump’s first steps in his presidency. He signed one. Executive order Monday required the U.S. withdrawal from that agreement and similar agreements to “put the interests of the United States and the American people first in the development and negotiation of any international agreements that have the potential to harm or suppress the U.S. economy.” be given.”
Key background
2015 The Paris Agreement It was signed by most members of the United Nations and was essentially a voluntary environmental agreement for countries to reduce global warming and “recognize the need for effective and progressive responses to the urgent threat of climate change.” The withdrawal period lasts about a year, and once it takes effect, the United States will become one of only four U.N. member states not to join the treaty, the Associated Press reported. When Trump pulled out of the deal after taking office in 2017, he said It was “just the latest example of Washington entering into an agreement that harms the United States for the exclusive benefit of other countries.” The agreement requires countries to submit a target or plan every five years to reduce emissions. A.P It has been reported that there is no penalty if countries do not meet the targets set for themselves. Countries are also required to report how much greenhouse gases they emit, and agree to help poor countries adapt to climate change. Under President Joe Biden, America was expense About $11 billion a year in international environmental aid.
Important quote
“More and more Americans have had their lives destroyed by climate-fueled disasters, like the devastating wildfires raging in California,” Bloomberg said. statement Declaration of partnership. “Now, the role of philanthropy in driving local, state and private sector action is more important than ever—and we are committed to leading the way.”
Big number
$3.7 billion. Bloomberg Philanthropies distributed the same amount last year, according to the organization.
Forbes Assessment
Bloomberg has a net worth of $104.7 billion as of Thursday afternoon, according to Forbes’ Real-Time Billionaires List.
Further reading
Here’s what the Paris climate agreement does and doesn’t do. (Associated Press)
Here’s All of Trump’s Big Day’s Actions on Executive Orders: Immigration, Energy, Tik Tok and More (Forbes)
Michael Bloomberg helped fund the United Nations Climate Action after Trump’s resignation. (Reuters)
