Topline
Billionaire Michael Bloomberg announced Thursday that Bloomberg Philanthropies will step in to help fund the United Nations climate change work after President Donald Trump withdrew from the Paris Climate Agreement—for the second time.
UN Special Envoy on Climate Ambition and Solutions, Founder of Bloomberg Philanthropies and Global ... [+]
Key Facts
Bloomberg Philanthropies, along with other U.S. climate funders, will “ensure the United States meets its global climate obligations,” which the organization’s statement said includes “covering the funding gap left by the United States to UN Climate Change (UNFCCC) and upholding the country’s reporting commitments.”
The UNFCCC is the United Nations Framework Convention on Climate Change, and its secretariat is the UN’s leading climate body that runs negotiations between countries and implements agreements.
Bloomberg—the former mayor of New York City, cofounder of Bloomberg Media and special envoy to the UN—also helped cover the U.S.’ portion of its climate commitments to the UN from 2017 to 2020 after Trump withdrew from the Paris Agreement for the first time.
The organization did not give details of its donation or name the other climate funders who are helping contribute.
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Why Did Trump Withdraw From The Paris Agreement?
Withdrawing from the agreement was one of Trump’s first moves of his presidency. He signed an executive order Monday requiring the U.S.’ withdrawal from the agreement and other similar agreements in order “to put the interests of the United States and the American people first in the development and negotiation of any international agreements with the potential to damage or stifle the American economy.”
Key Background
The 2015 Paris Agreement was signed by most United Nations members and was primarily a voluntary climate pact for countries to reduce global warming and “recognize the need for an effective and progressive response to the urgent threat of climate change.” The withdrawal period takes about a year, the Associated Press reported, and once it takes effect the U.S. will be one of just four UN member states to not be in the agreement. When Trump withdrew from the agreement after taking office in 2017, he said it was “simply the latest example of Washington entering into an agreement that disadvantages the United States to the exclusive benefit of other countries.” The agreement requires countries to submit a goal or plan every five years related to reducing emissions, and the AP reported there is no punishment if the countries don’t meet the goals they set for themselves. Countries are also required to submit reports on how much greenhouse gases they emit, and they agree to help poorer countries adapt to climate change. Under President Joe Biden, the U.S. was spending about $11 billion annually on international climate aid.
Crucial Quote
“More and more Americans have had their lives torn apart by climate-fueled disasters, like the destructive fires raging in California,” Bloomberg said in the statement announcing the contribution. “Now, philanthropy’s role in driving local, state, and private sector action is more crucial than ever—and we’re committed to leading the way.”
Big Number
$3.7 billion. That’s how much Bloomberg Philanthropies distributed last year, according to the organization.
Forbes Valuation
Bloomberg has an estimated net worth of $104.7 billion as of Thursday afternoon, according to Forbes’ Real-Time Billionaire List.
Further Reading
Here's what the Paris climate agreement does and doesn't do (Associated Press)
Michael Bloomberg steps in to help fund UN climate body after Trump withdrawal (Reuters)
