Michael Bloomberg, former New York Mayor, is reported to have stepped in to fund the United Nations climate body, the UN Framework Convention on Climate Change (UNFCCC), following President Donald Trump’s recent announcement of the United States’ withdrawal from the Paris Agreement for a second time. Bloomberg’s philanthropy organization will cover the U.S. contribution to the UNFCCC’s budget, which typically accounts for 22% of its funding.
This intervention is crucial as the UNFCCC’s operating costs for 2024-2025 are projected to be €88.4 million (approximately $96.5 million). Prior to Trump’s announcement, the U.S. had already paid its required contribution for 2024 and cleared some arrears from previous years.
Bloomberg emphasized that during times of federal inaction, local governments and other stakeholders have risen to uphold climate commitments, and he is prepared to support these efforts again.
Bloomberg’s philanthropic efforts are not new; he previously pledged up to $15 million to support the UNFCCC after Trump’s first withdrawal from the Paris Agreement in 2017. He also initiated “America’s Pledge,” which tracks climate commitments from non-federal actors in the U.S.
UN climate chief Simon Stiell welcomed Bloomberg’s funding, stating that such contributions are vital for enabling countries to fulfill their commitments under the Paris Agreement and work towards a sustainable future.