Michael Bloomberg Donates $4.5 Million to Fund Paris Climate Deal
Former New York City Mayor Michael Bloomberg is donating $4.5 million to the United Nations Framework Convention on Climate Change (UNFCCC), the UN organization that governs the Paris Agreement.
The donation by Bloomberg will cover UNFCCC’s budget shortfall as a result of funding cuts by the United States government. Congress had previously reduced the annual funding for the UNFCCC from $7.5 million to $3 million this year in its 2018 omnibus spending bill.
Bloomberg made the announcement on CBS News’ “Face the Nation,” promising to donate the money “as though they got it from the federal government." Bloomberg also hoped that President Trump would reconsider his position on the climate change deal by next year.
Bloomberg is donating the money through his charitable arm, Bloomberg Philanthropies, after promising to make up for any funding shortfall following the United States’ withdrawal from the Paris Agreement. Bloomberg also promises to provide the funding again this year if Congress once again fails to provide a sufficient amount of funding.
President Donald Trump had pulled out of the Paris Agreement in August 2017 after repeatedly promising to do so during his 2016 presidential campaign, criticizing the international climate accord as something that would put the U.S. economy “at a permanent disadvantage."
Upon the U.S. withdrawal, Bloomberg also launched two new organizations, We Are Still In and America’s Pledge on Climate, in partnership with California Governor Jerry Brown to encourage non-federal actors like state governments and private enterprises to meet the pledges and standards set forth by the Paris Agreement
California Governor Jerry Brown is also one of the founders and Co-Chairman of the United States Climate Alliance, a bipartisan organization consisting of 16 states and Puerto Rico that have pledged to uphold the Paris Agreement and reduce greenhouse gas emission accordingly.
Patricia Espinosa, executive secretary of the United Nations’ Climate Change Secretariat, welcomed the news of the donation and stated that achieving the goal of the Paris Agreement would take “broad-based global climate action in all sectors, private and public."