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- Funding Gap Filled: Bloomberg Philanthropies will cover U.S. contributions to the UNFCCC and support the Paris Agreement’s reporting obligations after Trump’s withdrawal.
- Second Commitment: Bloomberg has stepped in twice to fill the financial void caused by U.S. federal disengagement from climate commitments.
- Focus on Local Action: Bloomberg supports initiatives like “America Is All In,” empowering states, cities, and businesses to meet ambitious emissions targets.
Michael Bloomberg, founder of Bloomberg LP, UN Special Envoy for Climate Ambition and Solutions, and former New York City mayor, has pledged to fund U.S. obligations under the Paris Agreement. This includes supporting the United Nations Framework Convention on Climate Change (UNFCCC) after President Trump issued an executive order to withdraw the U.S. from the accord.
The U.S., previously contributing 22% of the UNFCCC’s budget, left a significant funding gap. Bloomberg Philanthropies’ commitment ensures continued financial backing. UN Climate Change Executive Secretary Simon Stiell emphasized the importance of these contributions:
“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.”
A History of Support
This marks the second time Bloomberg has stepped in to address U.S. climate disengagement. During Trump’s first term, Bloomberg launched “America’s Pledge” with then-Governor Jerry Brown, tracking and reporting non-federal climate commitments to meet Paris Agreement goals. Bloomberg has reiterated this commitment with his ongoing support for “America Is All In,” a coalition of U.S. cities, states, and businesses working to achieve emissions reductions of 61-66% below 2005 levels by 2035.
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Bloomberg’s Vision
Bloomberg highlighted the urgency of combating climate change while noting the economic opportunities of clean energy:
“More and more Americans have had their lives torn apart by climate-fueled disasters… At the same time, the United States is experiencing the economic benefits of clean energy, as costs have fallen and jobs have grown in both red and blue states.”
With these contributions, Bloomberg underscores the importance of local and subnational action in addressing global climate challenges. His leadership ensures the U.S. remains a player in the international fight against climate change, even amid federal setbacks.
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