Billionaire Bloomberg to fund UN climate body after US withdrawal
World
By
AFP
| Jan 23, 2025
Billionaire entrepreneur Michael Bloomberg announced Thursday that his foundation will step in to fund the UN climate change body after President Donald Trump declared the United States would withdraw from the Paris Agreement for the second time.
Bloomberg's intervention aims to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite the United States halting its contributions.
Washington typically provides 22 percent 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 organizes international climate conferences, the next of which will be COP30 held in Brazil in November.
"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.
READ MORE
Inside 16-year pension tussle pitting Stanchart against its 629 ex-staff
Creative economy: Missed opportunities from neglect despite talk about big numbers
KQ secures second route to the United Kingdom
US firm, IM Bank to curb illicit cash
Push to review occupational safety and health laws
Blow to Joho family as apex court cancels its KPA tender
Make energy policy to work for the good of Africa's growing population
Standard Group outlines recovery plan after Sh1.5b rights issue nod
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 $15 million 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.
Laurence Tubiana, a key architect of the Paris climate accord, 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 United States' 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 Organization, which had a budget of $7.89 billion in 2022-2023, with Washington contributing 16.3 percent of the total.