Bloomberg to fund UN climate body after US withdrawal

WASHINGTON, Jan 23 (AFP): Billionaire Michael Bloomberg announced Thursday that his foundation will step in to fund the UN climate change body after President Donald Trump declared the United States would withdraw from the Paris Agreement for the second time.

Bloomberg's intervention aims to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite the United States halting its contributions.

The United States typically provides 22 percent of the UNFCCC secretariat's budget, with the body's operating costs for 2024-2025 projected at 88.4 million euros ($96.5 million).

"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, who serves as the UN Special Envoy on Climate Ambition and Solutions, said in a statement.

This marks the second time Bloomberg has stepped in to fill the gap left by US federal disengagement.