Why is Ex-NYC Mayor Bloomberg Giving US$22m to the UN?

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Former NYC Mayor Mike Bloomberg
Following US President Donald Trump’s Paris accord withdrawal, Mike Bloomberg says he will pay the nation’s US$22m share of the UN climate delivery budget

The fallout is continuing from US President Donald Trump’s withdrawal from the Paris Agreement, with ex_NYC Mayor Mike Bloomberg pledging to fill a potential US$22m climate finance hole.

Billionaire Bloomberg announced that his foundation will fund the UN climate change agency by covering the 22% of its US$96.5m budget previously provided by the US for 2024-25.

Bloomberg intends to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite losing contributions from the US.

He said: "From 2017 to 2020, during a period of federal inaction, cities, states, businesses and the public rose to the challenge to uphold our nation's commitments – and now, we are ready to do it again."

US President Donald Trump

We have been here before

Bloomberg, who is the UN Special Envoy on Climate Ambition and Solutions, has stepped in before.

In 2017, following the Trump administration's first withdrawal from the Paris accord, Bloomberg pledged up to US$15m to support the UNFCCC.

He also launched ‘America's Pledge’, an initiative to track and report US non-federal climate commitments, ensuring the world could monitor US progress as if it were still committed to the Paris Agreement.

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Others nation should ‘pay their fair share’

Like President Trump, there are many people in the US who believe it pays too great a proportion of the UN’s climate operating budget.

Helene Lee, Principal at Federal Reserve Bank of New York, said: “Mike Bloomberg has pledged to pay the 22% share of the UN’s climate operating budget which the US has been responsible for following the recent announcement of the US withdrawal from the Paris climate accord.

“The pledge ensures global climate initiatives led by the UN remain fully funded despite the US exit. What a noble and chivalrous gesture.”

She added: “It is true that the US has been paying a disproportionate share of the UN’s climate-related operating costs.

“lt may be time for other high-emitting countries to step up and pay their fair share of the operating costs.”

Simon Stiell, Executive Secretary of UN Climate Change

‘Vital’ support for UN 

Simon Stiell, Executive Secretary of UN Climate Change, welcomed the move by Bloomberg, calling such contributions "vital" to helping the organisation "support countries in fulfilling their commitments under the Paris Agreement and advancing a low-emission, resilient and safer future for all".

The US will remain a member of the UNFCCC, even though Trump announced on Monday that he was withdrawing from the Paris Agreement.

During the President’s first term in office, the US built up more than US$8.3m in arrears to the UN climate body. The Biden administration cleared the backlog last year.

Bloomberg Philanthropies’ contributions continued through the Biden administration. Last year, it was the top non-state funder of the UNFCCC, donating US$4.5m.


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