Just two days after President Donald Trump announced that the U.S. would pull out of the Paris climate agreement, billionaire Michael Bloomberg said he and other climate funders would provide funding to help cover the country’s contribution to the United Nation’s climate change body.
The pledge will cover 22 percent of the nearly $100 million budget previously provided by America. The other funders were not identified.
“More and more Americans have had their lives torn apart by climate-fueled disasters, like the destructive fires raging in California. 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. The American people remain determined to continue the fight against the devastating effects of climate change,” the former New York City mayor said in a statement.
United Nations Framework Convention on Climate Change Executive Secretary Simon Stiell said that the contribution is “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.”
The international treaty was struck in 2015, in an attempt to address future peril and suffering driven by climate change.
The commitment was signed by nearly 200 members of the body, including the U.S. under former President Barack Obama, before Trump withdrew during his first term. He had cited an cited an “unfair economic burden” imposed on the U.S.
This marks the second time Bloomberg has stepped in to help uphold funding and reporting commitments under the Paris agreement. In 2017, he pledged up to $15 million to support the body.
Bloomberg ran for mayor of New York City as a member of the Republican Party in 2001, besting challenger Mark Green. His victory marked the first time two Republicans had been elected consecutively to City Hall. In 2007, he announced he was unaffiliated with any political party before winning as a Republican again in 2009. He set his sights on a higher office in 2019, announcing that he was running for president in the 2020 election. But, he suspended his campaign in March of 2020, endorsing Vermont’s Democratic Senator Bernie Sanders.
Bloomberg and Trump have traded blows in recent years. Bloomberg called Trump a “carnival barking clown” and Trump blasted him over spending, calling him “mini Mike.”
While the body’s core budget is made up of contributions from governments, other parts can accept contributions from philanthropies and other organizations, according to Reuters. Bloomberg Philanthropies already contributed $4.5 million last year, the news agency said.
The body’s main budget lines total around $250 million for 2024-2025, with about half of that expected to be allocated for this year. But, an October analysis found that it is experiencing a severe budget shortfall.
“We continue to work relentlessly, but our resources are increasingly over-stretched,” a spokesperson told Reuters then.
Bloomberg Philanthropies said that the U.S. can slash atmosphere-warming greenhouse gas emission by 54 to 62 percent by 2035 even without federal climate action, citing research from the University of Maryland.
“This analysis shows how U.S. subnational actors can significantly contribute to and potentially deliver on the U.S. goals under the Paris agreement,” the organization wrote.
Gina McCarthy, the former White House national climate advisor, said that the Trump administration has “failed once again to meet the moment.”
“Just like they did during the last Trump administration, our cities, states, businesses, and local institutions will take the baton of U.S. climate leadership and run with it,” she said.
