Bloomberg Pledges To Fund U.S. Paris Agreement Goals

Michael Bloomberg, who founded Bloomberg LP, served as UN Special Envoy for Climate Ambition and Solutions, and was a mayor of New York City, will fill key gaps in the climate funding lost as a result of President Donald Trump pulling the United States out of the Paris Agreement. Bloomberg Philanthropies is teaming with other funders to assume a portion of those U.S. obligations - providing funding to support the work of the UNFCCC, which includes covering obligations related to fulfilling the reporting responsibilities of the country.

This vow is in line with an executive order issued by President Trump on his inauguration day this past week, instructing the United States to withdraw from the Paris Agreement. This historic agreement, signed in 2015, aims to mitigate climate change and raise the global temperatures to less than 2 degrees Celsius above the preindustrial levels while aiming for less than 1.5 degrees above that. Almost all nations worldwide have become signatories to the treaty. The United States has, however become alone in its decision to withdraw from the treaty, under President Trump's leadership. The Trump administration had previously withdrawn from the agreement early during his term. The United States returned to the agreement with President Joe Biden.

The UNFCCC is the parent treaty under which the Paris Agreement is operated. It further coordinates international efforts to fight climate change. It heavily depends on the financing from its member countries. Being aware of the need for continued funding, Bloomberg's renewed commitment is to ensure that the UNFCCC will be able to continue assisting countries in achieving their climate goals. Simon Stiell, Executive Secretary of UN Climate Change, expressed appreciation for Bloomberg's leadership, saying that such contributions are critical in allowing the secretariat to support countries in achieving a low-emission, resilient future.

Bloomberg's commitment echoes his steps during Trump's initial pull-out from the agreement. Then, he joined forces with then-California Governor Jerry Brown to create America's Pledge, an initiative aimed at tracking and reporting climate commitments from non-federal entities, including states, cities, and businesses. This was to prove that adequate progress can still be achieved on emissions without federal action.

In addition to bridging the funding gap at the UNFCCC, Bloomberg promised continued support for "America Is All In," a coalition of subnational climate leaders working toward meeting the U.S. climate goals. In response to the climate change agenda proposed by the incoming Biden administration and its ambitious emission-cutting goal of 61-66 percent below 2005 levels in 2035, Bloomberg among other climate advocacy groups is now optimistic that an even more inclusive coalition will move forward with achieving this goal since there has already been significant gains at the local and state level, as well as investments over the past couple of years.

Bloomberg pointed to the dual reality facing Americans: devastating climactic disasters, on one hand, and the economic promise of clean energy, on the other. He observed that more Americans see for themselves firsthand the destructive forces of climate, like the fires consuming California, and they reap the economic rewards of growing the clean energy sector. Falling costs and creating jobs in industries for renewable energies have boosted support both in the red and in the blue, thus further validating the bipartisan momentum towards a low-carbon economy.

The newly made pledge from Bloomberg is being done at one of the very important moments related to climate change globally. On one hand, U.S.'s withdrawal has focused on others outside of its federal authority maintaining the pace that it should run with. The Bloomberg philanthropist said the American people have stayed committed to addressing climate change despite the absence of federal leadership. His contribution and those of others are trying to fill this gap so that America does not let go of the role in handling the global climate crisis.

With disasters fueled by climate getting worse and economic benefits of clean energy getting clearer, Bloomberg's actions remind one of the power of collective effort. Challenges at the federal level notwithstanding, determination from states, cities, businesses, and citizens offers hope for a sustainable future. The fight against climate change is not going anywhere, as evidenced by the support of leaders such as Bloomberg. Leadership and commitment can come from all sectors of society.