Facing the US withdrawal from the Paris Climate Agreement and international climate funding under the new Republican president, Bloomberg Philanthropies announced it will bridge the gap by providing funding to cover US contributions to the UN Framework Convention on Climate Change (UNFCCC).
Former New York Mayor Michael Bloomberg 's philanthropy arm, Bloomberg Philanthropies , announced on Thursday, January 23, that it would provide funding to help cover the US contribution to the United Nations Framework Convention on Climate Change ( UNFCCC ). This move comes after the new Republican president announced his intention to withdraw the US from the Paris climate agreement and end international climate funding.
Trump had previously withdrawn the US from the Paris Agreement during his first term in office (2017-2021). \Bloomberg Philanthropies stated that it, along with other US climate funders, would ensure that the United States meets its global climate obligations, including covering the annual amount owed to the UNFCCC. However, the organization did not disclose the specific funding amounts or identify the other participating climate funders. \The UNFCCC is the UN's leading climate body, responsible for organizing annual climate negotiations among nearly 200 countries and helping implement the agreements reached during these talks, most notably the 2015 Paris Agreement. Michael Bloomberg also pledged to collaborate with states, cities, and companies to ensure that the US remains committed to its global climate obligations. He noted that, during the period of federal inaction from 2017 to 2020, cities, states, businesses, and the public had stepped up to uphold the nation's commitments, and they were prepared to do so again. \The US is obligated to fund approximately 21% of the UNFCCC's core budget. Last year, it paid the required contribution of 7.2 million euros ($7.4 million) for 2024, as well as clearing a 3.4 million euro arrears for missed contributions from 2010 to 2023. A Reuters analysis of UNFCCC documents revealed last year that the UN body was facing a severe budget shortfall, which diplomats reported had begun to disrupt parts of the global climate dialogue. Simon Stiell, the UN climate chief, expressed deep appreciation for the generous support from Bloomberg Philanthropies and the leadership demonstrated by Mike Bloomberg. Linda Kalcher, executive director of the think-tank Strategic Perspectives, and a former climate advisor to the UN Secretary-General, highlighted Bloomberg's willingness, shared by some US states, to fill the gap left by the US withdrawal from international climate cooperation. She anticipates a resurgence of interaction between US businesses and states committed to continuing their participation.
Climate Change Paris Agreement UNFCCC Bloomberg Philanthropies Michael Bloomberg US Funding International Climate Cooperation
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