Billionaire entrepreneur Michael Bloomberg announced Thursday that his foundation would step in to fund the United Nations climate change body after United States President, Donald Trump declared that the nation would withdraw from the Paris Agreement for the second time.
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Bloomberg’s intervention aims to ensure the United Nations Framework Convention on Climate Change remains fully funded despite the US halting its contributions.
Washington typically provides 22 per cent of the UNFCCC secretariat’s budget, with the body’s operating costs for 2024-2025 projected at 88.4 million euros ($96.5 million).
The secretariat is tasked with supporting the global response to climate threats, and organises international climate conferences, the next of which will be COP30 to be held in Brazil in November 2025.
“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, the former mayor of New York, 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 $15m 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.
A key architect of the Paris Climate Accord, Laurence Tubiana said Bloomberg’s “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.”
Trump on Monday announced the US’ withdrawal from the Paris accord, which is managed by the UN climate change body, brings together almost all the world’s nations and aims to keep global average temperature rise below a certain threshold.
The president also signed an executive order directing the United States to withdraw from the UN’s World Health Organisation, which had a budget of $7.89 billion in 2022-2023, with Washington contributing 16.3 per cent of the total.
AFP
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