By   Zack Budryk , The Hill.  Excerpt: Businessman and former New York Mayor  Michael Bloomberg  said this week his philanthropic foundation will contribute the U.S.’s financial obligations under the Paris Climate Agreement to the United Nations Framework Convention on Climate Change (UNFCCC) after President Trump announced he would withdraw the U.S. from the agreement. In a statement Wednesday through Bloomberg Philanthropies, Bloomberg said the organization will both cover the U.S.’s funding gap and its reporting requirements for planet-warming emissions. The announcement does not specify a dollar amount the organization will contribute, but it committed about $15 million to the UNFCCC between 2017 and 2020 after Trump announced the withdrawal of the U.S. from the agreement in his first term. The U.S. ordinarily pays about a fifth of the UNFCCC budget, which amounted to about $7.5 million in 2024. “Bloomberg Philanthropies has made significant investments in empowe...

By Ehsan Masood , Nature.  Excerpt: An eleventh-hour deal that rescued the COP29 climate talks in Baku, Azerbaijan, is a “fragile consensus”, researchers who study climate finance have told  Nature . Visibly relieved COP delegates representing rich countries applauded in the early hours of 24 November, following a last-minute pledge in which rich countries will ‘take the lead’ in increasing climate finance for poor countries to at least US$300 billion annually by 2035. Low- and middle-income countries (LMICs), notably China, will also be expected to contribute to international climate funds, a first for a COP agreement. But delegates from some of the largest LMICs, including India, Indonesia and Nigeria, were furious. Some alleged that they had been pressured into a deal, so that the COP meeting did not end in failure. The delegates also did not agree on how much of the $300 billion will be in grants versus loans, nor how much will come from private or public-sector sources. C...