Billionaire Michael Bloomberg will fund the UN climate change body after the US exits the Paris Agreement!
One of President Donald Trump's first moves in office this week was to withdraw the US from the Paris Agreement, as he did the first time he was President.
Just three days later, billionaire Michael Bloomberg stepped in to help the United Nations Framework Convention on Climate Change (UNFCCC) remain fully funded despite the US ending its international climate contributions.
Bloomberg, the former mayor of New York City, a UN special envoy on climate change and, according to Forbes' global billionaires list, the 16th richest person in the world, announced his funding pledge on January 23.
The core of the UN climate agency's budget comes from its nearly 200 member countries. As the world's largest economy, the US typically pays the largest share at around 21 percent.
"We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg," said Simon Stiell, United Nations Executive Secretary for Climate Change.
“While government funding remains essential to our mission, contributions like this are vital to enabling the UN Climate Change Secretariat to support countries in meeting their commitments under the Paris Agreement and a low-emission, resilient and more secure future for all.”
In one of a slew of executive orders on Monday, including withdrawing from the World Health Organization, Trump moved to withdraw the country from the Paris Agreement and end the country's international climate funding.
Trump previously withdrew the US from the global climate agreement during his first term in 2017, but the country quickly rejoined under President Biden. It will take about a year for this new withdrawal to take effect, and when it does, the US will join Iran, Libya and Yemen as the only UN countries not part of the agreement.
For now, Bloomberg Philanthropies, along with other U.S. climate action funders, has said it will cover the amount the U.S. owes each year to the UNFCCC. He did not provide details on the exact funding amounts or who the other climate funders are.
"From 2017 to 2020, during a period of federal inaction, cities, states, businesses and the public rose to the challenge of supporting our nation's commitments, and now, we are ready to do it again," Bloomberg said in a statement.
He added that more and more Americans are having their lives torn apart by climate-driven disasters, such as the wildfires raging in California. At the same time, he says the US is experiencing the "economic benefits of clean energy" with falling prices and jobs being created in both Republican and Democratic states.
Bloomberg, a media billionaire, also pledged to work with states, cities and companies to ensure the U.S. stays on track with its global climate commitments. That includes working with subnational climate leaders to track and report on the country's progress over the next four years. "The American people remain determined to continue the fight against the devastating effects of climate change."
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