Bloomberg funds the UN climate body after Donald Trump leaves Paris Climate crisis news

Bloomberg pledges financial support to the UN climate body after Trump exits the Paris Agreement.

The UN climate change body will receive funding from billionaire Michael Bloomberg’s foundation after President Donald Trump announced the US would do so. Withdrawal from the Paris Agreement For the second time.

In an announcement on Thursday, Bloomberg said the intervention aims to ensure that the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite the United States halting its contributions.

“From 2017 to 2020, during a period of federal inaction, cities, states, businesses and the public rose to the challenge of upholding our nation’s commitments — and now, we are ready to do it again.” The UN Special Envoy for Climate Ambition and Solutions said in a statement.

The United States typically provides 22% of the budget of the UNFCCC Secretariat, and the body’s operating costs for 2024-2025 are expected to be approximately $96.5 million.

After being sworn in on Monday, Trump signed one of his first executive orders The United States withdraws from the climate agreement And end all of the country’s international climate-related financial obligations.

Simon Steele, executive secretary of the United Nations Framework Convention on Climate Change, framed Trump’s decision as a missed opportunity for clean energy businesses in the United States, saying it only sends “all the enormous wealth to competing economies” while making climate-related disasters worse.

European Climate Commissioner Wopke Hoekstra described Trump’s withdrawal as a “really unfortunate development” for the United States and the rest of the world.

Bloomberg’s decision to intervene marks the second time he has done so to fill the gap left by US federal disengagement.

In 2017, after the Trump administration’s first withdrawal from the Paris Agreement, Bloomberg pledged up to $15 million to support the United Nations Framework Convention on Climate Change.

As fired “The American Pledge”an initiative to track and report on U.S. non-federal climate commitments, ensuring that the world can monitor the progress of the United States as if it were still a fully committed party to the Paris Agreement.

Bloomberg had sought the Democratic Party’s nomination for President of the United States in 2019 but ended his campaign after four months.