Bloomberg to fund U.S. part of the Paris Agreement

Published On: January 28, 2025
469 words
Views: 471

As the largest economy, the US is typically the biggest contributor, accounting for around 21% of the budget.

In response to President Trump’s withdrawal from the Paris Agreement, billionaire Michael Bloomberg quickly stepped up to fill the funding gap left by the U.S., ensuring that the UNFCCC could continue its mission to combat climate change despite the loss of American financial support. This move underscores the ongoing commitment of various stakeholders to address global climate issues, even in the face of political shifts.

Bloomberg’s funding pledge is expected to significantly boost the UN climate organization’s budget, helping to support efforts to address the global climate crisis.

“We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg,” said Simon Stiell, United Nations Climate Change Executive Secretary.

“While government funding remains essential to our mission, contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and a low-emission, resilient, and safer future for everyone.”

Michael Bloomberg will fulfill U.S. commitment to Paris climate accord

Trump’s second exit from Paris and Bloomberg’s second intervention

In a series of executive orders, Trump announced the withdrawal of the United States from the Paris Agreement and the cessation of international climate funding, alongside other significant policy shifts, including the withdrawal from the World Health Organization.

Under President Biden, the US rejoined the Paris Agreement on February 19, 2021, reversing Trump’s withdrawal in 2017. It will take about a year for the new withdrawal to take effect – and when it does, the US will join Iran, Libya and Yemen as the only UN countries outside of it.

Bloomberg Philanthropies, along with other U.S. climate action financiers, has pledged to cover the annual contributions owed by the U.S. to the UNFCCC, although specific funding amounts and details about the other participating funders have not been disclosed.

“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 in a statement.

The increasing devastation from climate-fueled disasters, such as the California wildfires, highlights the urgent need for a comprehensive climate strategy, while simultaneously showcasing the economic advantages of clean energy as costs decrease and job opportunities expand nationwide, transcending political divides.

Bloomberg’s commitment to collaborate with states, cities, and companies aims to uphold the U.S. climate commitments globally, focusing on the accountability of subnational leaders to monitor and report progress over the next four years. This initiative underscores the importance of coordinated efforts across various sectors to address climate change effectively.

“The American people remain determined to continue the fight against the devastating effects of climate change.”

Teaser image photo by Luca Micheli on Unsplash.

POPULAR

FinalCut Pro License Fundraiser

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

About the Author: Chris Machens

Chris Machens
Chris covers the broad spectrum of climate change, and the solutions, with the focus on the sciences. Climate State – we endorse data, facts, empirical evidence.
    Subscribe
    Notify of
    guest
    3500

    1 Comment
    Oldest
    Newest
    Inline Feedbacks
    View all comments
    Mike Cortez
    Mike Cortez
    January 28, 2025 11:26 AM

    I think it’s great that Michael Bloomberg is stepping up to help fight climate change! It’s nice to see people coming together to make a difference, even when the government isn’t fully on board. Every little bit helps!