After Trump's exit
Billionaire wants to pay for US climate contributions
As he did during his first term in office, US President Donald Trump made good on his announcement and issued a decree ordering his country to withdraw from the Paris Climate Agreement. This means that Washington does not feel bound by any of the obligations - including financial ones - associated with the agreement. This is a serious blow to global efforts to slow down global warming. A US millionaire now wants to plug at least the financial gap with his own funds.
Entrepreneur and former New York mayor Michael Bloomberg announced on Thursday that he intends to make up the shortfall in contributions from the USA with the help of his foundation. From 2017 to 2020, "in a period of inaction at the federal level", cities, states, companies and the public had paid for the USA's obligations - "and now we're ready to do it again", Bloomberg explained.
USA provides 22 percent of the UN climate budget
The USA usually provides 22 percent of the UN Climate Change Secretariat's budget, whose operating costs for 2024 and 2025 are estimated at 88.4 million euros. After the USA's first withdrawal from the Paris Climate Agreement in 2017, Bloomberg pledged up to 15 million dollars (around 14 million euros) to support the UN climate agency.
The Paris Climate Agreement
The Paris Agreement of 2015 is an international agreement to limit global warming to well below two and preferably 1.5 degrees compared to the pre-industrial era and to reduce global greenhouse gas emissions. The parties to the agreement recognize that climate change is man-made and that human activities are exacerbating global warming, which in turn poses a threat to ecosystems and therefore to humanity. With the exception of the USA - the world's second largest greenhouse gas emitter - none of the 200 or so signatory states has yet withdrawn from the agreement. There is a one-year deadline before a withdrawal from the agreement comes into force
According to UN Climate Change Secretary Simon Stiell, contributions like this are "critical to enable the UN Climate Change Secretariat to support countries in meeting their commitments under the Paris Agreement and drive a low-emission, resilient and secure future for all".
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