Michael Bloomberg Steps In to Fund UN Climate Body After Trump's Paris Agreement Withdrawal
Bloomberg Philanthropies pledges financial support to the UNFCCC, ensuring continuity in global climate efforts as the U.S. halts contributions under Trump.
- Michael Bloomberg's foundation will cover the U.S. financial obligations to the UN Framework Convention on Climate Change (UNFCCC) after Trump’s withdrawal from the Paris Agreement for the second time.
- The UNFCCC, responsible for coordinating international climate efforts, faces a significant funding gap as the U.S. typically contributes 22% of its budget.
- Bloomberg had previously stepped in to fund the UNFCCC during Trump’s first withdrawal from the Paris Agreement, pledging up to $15 million at the time.
- The U.S. remains a member of the UNFCCC, but Trump’s executive order ends all U.S. financial commitments to international climate agreements.
- UN officials and climate leaders praised Bloomberg's intervention, emphasizing its importance in maintaining international climate cooperation and accountability.
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