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Businessman and former New York mayor Michael Bloomberg said this week that his philanthropic foundation will contribute to the US’s financial obligations under the Paris Climate Agreement in the United Nations Framework Convention on Climate Change ( UNFCCC) after President Trump announced that he would withdraw the US from the agreement.
In a statement Wednesday through Bloomberg Philanthropies, Bloomberg said the organization will cover both the US funding gap and its reporting requirements on global warming emissions.
The announcement did not specify a dollar amount the organization will contribute, but it pledged about $15 million to the UNFCCC between 2017 and 2020 after Trump announced the US withdrawal from the accord in his first term.
The United States typically pays about one-fifth of the UNFCCC budget, which rose to about $7.5 billion by 2024.
“Bloomberg Philanthropies has made significant investments to empower local leaders, provide companies with the data to track emissions while driving economic growth and building coalitions between the public and private sectors. Now, philanthropy’s role to spurring local, state and private sector action is more crucial than ever, and we are committed to leading the way,” Bloomberg said in a statement.
“While government funding remains essential to our mission, contributions like this are vital to enable the UN Climate Change Secretariat to support countries to meet their commitments under the Paris Agreement and a low-emission, resilient and safe future for all,” Simon Stiell. , the UNFCCC executive secretary said in a statement.
Trump announced the executive order beginning the process of withdrawing from Paris just hours after taking office on Monday. He previously announced retirement months into his first term in 2017, while former President Biden began the reinstatement process on the first day of his own presidency.
Once the withdrawal is complete, the United States will be one of four countries not participating in the deal, along with Iran, Libya and Yemen.
