Bloomberg offers climate cash to UN after Trump exits 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 New York City mayor, a UN special envoy on climate change and, according to the Forbes’ global billionaires list, the 16th richest person in the world, announced his funding pledge on 23 January.

The core of the UN climate organisation’s budget comes from its almost 200 member countries. As the world’s largest economy, the US usually pays the biggest dues at around 21 per cent.

“We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg,” said Simon Stiell, United Nations Climate Change Executive Secretary.

“While government funding remains essential to our mission, contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and a low-emission, resilient, and safer future for everyone.”

Trump’s second withdrawal from Paris and Bloomberg’s second intervention

In one of a slew of executive orders on Monday, including withdrawing from the World Health Organisation, 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 accord during his first term in 2017, but the country soon rejoined under President Biden. It will take around a year for this new withdrawal to take effect – 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 US climate action financiers, have said they will cover the amount the US owes each year to the UNFCCC. It did not give details of the exact amounts of funding 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 to uphold our nation’s commitments – and now, we are ready to do it again,” Bloomberg in a statement.

He added that more and more Americans have had their lives torn apart by climate-fueled disasters like the wildfires raging in California. At the same time, he says the US is experiencing the “economic benefits of clean energy” with prices falling and jobs created across both Republican and Democratic states.

Bloomberg, a media billionaire, also pledged to work with states, cities and companies to ensure the US 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.”