Bloomberg Pledges to Cover U.S. Paris Agreement Obligations After Trump Exits Deal – ESG Today

Bloomberg LP founder, UN Particular Envoy for Local weather Ambition and Options, and former New York Metropolis mayor Michael Bloomberg introduced that Bloomberg Philanthropies, alongside different local weather funder, will cowl among the U.S.’ key Paris Settlement obligations, together with its funding for the UN Framework Conference on Local weather Change (UNFCCC), and the U.S.’ reporting commitments, following President Trump’s exit from the accord.

The brand new pledge follows an govt order signed by Trump on the day of his inauguration earlier this week, ordering the U.S. to inform the UN of the U.S.’ withdrawal from the Paris Settlement, the landmark multi-nation pact to fight local weather change, with a main aim is to restrict the worldwide temperature enhance on this century to beneath 2 levels Celsius above pre-industrial ranges, and to work towards limiting the rise to 1.5 levels.

The UNFCCC secretariat is the UN entity tasked with supporting the worldwide response to the specter of local weather change, and is the mum or dad treaty of the 2015 Paris Settlement. A overwhelming majority of nations have signed onto the settlement, and the U.S. is the one nation to have withdrawn.

Simon Stiell, United Nations Local weather Change Government Secretary, stated:

“We deeply recognize the beneficiant help from Bloomberg Philanthropies and the management proven by Mike Bloomberg. Whereas authorities funding stays important to our mission, contributions like this are very important in enabling the UN Local weather Change secretariat to help nations in fulfilling their commitments beneath the Paris Settlement and a low-emission, resilient, and safer future for everybody.”

The manager order marks the second time that the U.S. has exited the settlement, following Trump’s withdrawal from the accord in his first time period, and the brand new pledge additionally marks the second time Bloomberg dedicated to fill the ensuing funding hole. On the time, Bloomberg and then-California Governor Jerry Brown launched America’s Pledge, an initiative aimed toward yearly aggregating and reporting non-federal local weather commitments – detailing the emissions discount progress of states, cities, companies, and different non-federal actors – to assist meet the U.S. reporting obligations beneath the Paris Settlement.

Along with renewing the dedication to fill the UNFCCC funding hole and help the U.S.’ Paris Settlement reporting obligations, Bloomberg additionally pledged to proceed his help for “America Is All In,” a coalition of U.S. cities, states, companies, and different subnational local weather leaders working to fulfill the U.S.’ interim local weather commitments, together with the not too long ago launched goal scale back emissions 61-66% beneath 2005 ranges by 2035.

The 2035 aim was launched by President Biden within the final weeks of his time period, with administration officers on the time expressing confidence within the capability to achieve the goal even within the face of the incoming Trump administration, pushed by the investments already put in place over the previous 4 years, and by motion on the state and native ranges.

Bloomberg stated:

“An increasing number of People have had their lives torn aside by climate-fueled disasters, just like the harmful fires raging in California. On the similar time, the USA is experiencing the financial advantages of fresh vitality, as prices have fallen and jobs have grown in each purple and blue states. The American folks stay decided to proceed the battle towards the devastating results of local weather change.”