Michael Bloomberg Steps In to Fund UN climate body After US Withdrawal from Paris Agreement
In a bold move to address the financial void left by the United States’ withdrawal from the paris Agreement, billionaire Michael bloomberg and his foundation have pledged to fund the United Nations Framework Convention on Climate Change (UNFCCC). This intervention ensures the international body remains operational despite the suspension of U.S.contributions, which typically account for 22% of its budget.
The UNFCCC’s operating costs for 2024-2025 are projected at approximately $96.5 million, a meaningful portion of which was at risk following President Donald Trump’s decision to exit the landmark climate accord. Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions, emphasized the importance of collective action in a statement: “From 2017 to 2020, during a period of federal inaction, cities, states, businesses, and the public rose to the challenge of preserving our contry’s commitments, and now we are ready to do it again.”
This is not the frist time Bloomberg has stepped in to support the UNFCCC. In 2017, when the Trump administration initially withdrew from the Paris Agreement, the billionaire offered up to $15 million to sustain the organization’s efforts. At the time, he also launched an initiative to monitor U.S. climate commitments, ensuring openness and accountability despite the federal government’s stance.
Simon Stiell, Secretary of the UNFCCC, praised Bloomberg’s contribution, stating, ”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 low-emission, resilient, and safe future for all.”
The declaration comes amid a broader wave of international uncertainty, as Trump also declared the U.S. would withdraw from the world Health Organization (WHO). Tarik jasarevic,a WHO spokesperson,expressed hope that the U.S. would reconsider its position.Bloomberg’s commitment underscores the critical role of private philanthropy in addressing global challenges,especially in the face of political shifts. His foundation’s support not only bridges a financial gap but also reinforces the importance of international cooperation in combating climate change.
| Key Details | Summary |
|——————|————-|
| Funding Pledge | Michael Bloomberg’s foundation will cover the U.S. contribution to the UNFCCC. |
| UNFCCC Budget | Operating costs for 2024-2025 are projected at $96.5 million. |
| U.S. Contribution | Typically 22% of the UNFCCC’s budget. |
| previous Support | Bloomberg pledged $15 million in 2017 after the first U.S. withdrawal. |
| WHO Withdrawal | Trump also announced the U.S.would exit the WHO. |
Bloomberg’s actions highlight the resilience of global climate efforts, even in the face of political setbacks. As the world grapples with the escalating climate crisis, his leadership serves as a reminder that progress is possible thru collaboration and determination.
