Following Donald Trump's second withdrawal from the Paris Agreement, billionaire Michael Bloomberg has pledged financial support to the UN climate change body, the UNFCCC. His intervention aims to fill the funding gap left by US contributions, as the country usually covers 22% of the secretariat's budget. The operational costs for 2024-2025 are projected at $96.5 million. Bloomberg emphasized that cities and businesses are ready to uphold climate commitments despite federal inaction, while UNFCCC officials lamented the lost opportunities for US clean energy as a result of Trump's decision.
Bloomberg's financial support aims to keep the UN climate body funded after the US withdrew from the Paris Agreement under Trump; it's a crucial intervention.
The US typically contributes 22% to the UNFCCC budget, with 2024-2025 operational costs estimated at $96.5 million, highlighting the funding gap.
Bloomberg stated that cities, states, businesses, and the public are prepared to uphold the US commitments to climate action, even amid federal inaction.
Simon Stiell criticized Trump's withdrawal as it undermines US clean energy business and exacerbates climate disasters, impacting both the US and global economies.
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