After his inauguration on Monday, Trump began the process of withdrawing the US from the Paris deal, which seeks to limit the rise in global temperatures. He also halted some financial aid to help developing countries adapt to a warmer planet and transition to green energy. The impact of US disengagement from global climate diplomacy is still uncertain, though diplomats and activists have been preparing for the outcome since Trump won the election last year.
Michael Bloomberg, the former mayor of New York, will help cover US financial obligations under the Paris Agreement as President Donald Trump prepares to leave the global climate agreement.
Bloomberg, the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News, provided the same support when Trump withdrew from the Paris accord in 2017, contributing more than US$15 million ($20.2 million). The money will support the running of the United Nations Framework Convention on Climate Change and enable the US to tally and report its carbon emissions to the UN.
