Michael Bloomberg, billionaire and former New York City Mayor has vowed to fund UN climate change agency to fill a gap left after President’s Trump’s withdrawal from the Paris Agreement Act. Through his foundation, Bloomberg climate funding accounts for 22% of its $96.5 million budget previously provided by the US for 2024-2025.
Bloomberg serves as the UN Special Envoy on Climate Ambition and Solutions, thus his direct involvement in ensuring the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded.
This is a relief for developing countries who would inevitably suffer more after U.S.A’s withdrawal from the treaty. Furthermore, regions like Africa suffered a similar fate in 2017, when the then President Donald Trump signed out of the Paris Climate Act.
Once again, Bloomberg’s foundation stepped up to fill the shoes left by the U.S federal government by providing a $15 million equity to the UNFCCC.
“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,” Bloomberg said.
Therefore, Bloomberg’s pledge is a sign of relief for Africa, guaranteeing that the wesstern is still committed to climate financial goals. Moreover, the move can encourage other private and non-governmental groups to pledge in the course of a better climate future.
Nonetheless, African and the Global South should strive to work together to end the overreliance to international powers and private investors like Michael Bloomberg.
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