Earlier this week, Michael Bloomberg announced that Bloomberg Philanthropies and other climate funders in America would provide funding to help fulfil the country’s obligations under the 2015 Paris Agreement. Bloomberg, a former mayor of New York City and United Nations Secretary General’s Special Envoy on Climate Ambition and Solutions, explained that this funding would ensure that America met its climate obligations, which include upholding America’s reporting commitments.
This announcement comes after President Donald Trump signed an executive order to withdraw America from this climate coalition. Prior to its exit from this accord, the United States contributed over 20% of the United Nations Framework Convention on Climate Change’s budget.
Simon Stiell, United Nations Climate Change Executive Secretary, recognized the leadership shown by Bloomberg and voiced his appreciation of the support from Bloomberg Philanthropies. Stiell added that while government support was crucial to advancing the UN’s mission, funding also enabled the UN Climate Change secretariat to assist other nations in honoring their pledges under the Paris Agreement.
This is the second time that Bloomberg has offered support to the U.S. following its disengagement from climate agreements. Two years after Trump was inaugurated as the 45th president of the United States in January 2017, America started the process of withdrawing from the Paris Agreement.
Trump explained that his decision was based on the unfair economic burden imposed on businesses, workers, and taxpayers by the country’s pledges under the climate accord. This decision by Trump prompted Bloomberg to roll out ‘America’s Pledge’ to help track and report non-federal commitments to meet objectives under the accord.
The United States saw its relationships with other countries strained following its withdrawal from the climate accord, with the country also losing influence in shaping global climate policy. Additionally, industries in the clean energy sector were negatively affected, as the growth of clean tech slowed, and investments into renewable energy dwindled. This allowed countries like China to position themselves as a leader in the global green energy transition.
Furthermore, the withdrawal made it harder for the U.S. to negotiate international climate deals and reduced trust in the country as a partner in climate discussions.
During the recently held conference, Bloomberg also stressed the importance of acting against climate change, while pointing out the economic benefits of clean energy. With these contributions, he highlighted the critical role of local and subnational actions in addressing international worldwide climate issues.
Bloomberg’s leadership also ensures that America stays involved in the global climate fight, even in the face of federal setbacks.
If efforts geared at ensuring sustainability in human activities continue, the market served by firms like Energy and Water Development Corp. (OTCQB: EAWD) is bound to grow at an accelerated rate.
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