The American billionaire Michael Bloomberg announced on Thursday that his foundation will fund the UN body on climate change, following the withdrawal of the United States from the Paris Agreement by President Donald Trump‘s decision.
After taking office as president, Donald Trump confirmed that the United States will withdraw from the Paris Agreement. He did so by signing several executive actions that also reinforce his intention to embrace fossil fuels and reverse the country’s progress on climate change.
Trump’s initial measures come as wildfires exacerbated by climate change ravage Southern California.
Bloomberg’s intervention will allow the UN Framework Convention on Climate Change (UNFCCC) to maintain its funding despite the suspension of contributions from the United States.
The United States contributes 22% of the budget of the UNFCCC Secretariat, whose operational costs for the 2024-2025 period are projected at around $96.5 million.
“From 2017 to 2020, during a period of federal inaction, cities, states, businesses, and the public responded to the challenge of upholding our country’s commitments, and now we are ready to do it again,” declared Bloomberg in a statement. Bloomberg serves as the UN Special Envoy for Climate Ambition and Solutions.
This is the second time Bloomberg has filled the void left by the U.S. withdrawal.
In 2017, when the first Trump administration withdrew from the Paris Agreement, Bloomberg offered up to $15 million to support the UNFCCC.
He also launched an initiative to monitor the fulfillment of the American climate commitments, allowing the world to verify the country’s progress as if it were still part of the Paris Agreement.
Bloomberg assured that this time he will maintain the commitment to report progress on climate matters.
“Contributions like this are vital to enable the UN Climate Secretariat to support countries in meeting their commitments under the Paris Agreement and promote a future for all with low emissions, resilience, and safety,” stated Simon Stiell, UNFCCC Secretary.
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