AsianFin -- Michael Bloomberg's philanthropic organization announced on Thursday that it would step in to fund the U.S. contribution to the U.N. climate body's budget, addressing the shortfall created by President Donald Trump's decision to withdraw the U.S. from international climate commitments.
Upon taking office on Monday, President Trump declared his intention to pull the U.S. out of the Paris climate agreement and cut the country’s climate funding abroad. This decision mirrors his earlier move during his first term from 2017 to 2021, when he also withdrew from the Paris accord.
Bloomberg, a media mogul and U.N. special envoy for climate change, committed to filling the funding gap. "Bloomberg Philanthropies, along with other U.S. climate funders, will ensure that the United States continues to meet its global climate obligations," the organization said in a statement. This includes covering the U.S.'s annual dues to the United Nations Framework Convention on Climate Change (UNFCCC).
While Bloomberg Philanthropies did not disclose the specific amounts or the identities of the other contributing climate funders, it confirmed its commitment to supporting the U.N.’s climate initiatives.
The UNFCCC serves as the U.N.'s primary body for climate action, overseeing annual negotiations among nearly 200 nations and assisting with the implementation of agreements, such as the landmark 2015 Paris Agreement.
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