An IMGW News Report
Billionaire and former New York City mayor Michael Bloomberg (who is estimated to be worth 104.7 billion USD) has announced that his foundation will fund the United Nations climate change agency after President Donald Trump confirmed the United States’ withdrawal from the Paris Agreement for the second time.
Bloomberg’s pledge will cover the 22% of the UN Framework Convention on Climate Change’s (UNFCCC) €88.4 million budget for 2024-2025, previously funded by the US. This intervention ensures the agency remains fully operational despite the absence of federal contributions.
“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,” said Bloomberg, who is the UN Special Envoy on Climate Ambition and Solutions.
This is not Bloomberg’s first such intervention. In 2017, following the Trump administration’s initial withdrawal from the Paris Agreement, he pledged up to $15 million to the UNFCCC. Bloomberg also launched ‘America’s Pledge,’ an initiative tracking non-federal US climate commitments, allowing the global community to monitor US progress as though it remained a Paris Agreement signatory.
Bloomberg has reiterated his commitment to upholding US reporting obligations under the agreement.
“Contributions like this are essential for enabling the UN Climate Change secretariat to support countries in fulfilling their Paris Agreement commitments and advancing a low-emission, resilient, and safer future for all,” said Simon Stiell, the UN’s climate chief.
