Billionaire Michael Bloomberg announced Thursday that his foundation will provide funding to the United Nations climate change body following President Donald Trump’s decision to withdraw the United States from the Paris Agreement for a second time.
Bloomberg’s support aims to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains adequately funded despite the absence of US contributions. Historically, the United States has funded 22% of the UNFCCC secretariat’s budget, with operating costs for 2024-2025 estimated at €88.4 million ($96.5 million).
“From 2017 to 2020, during a period of federal inaction, cities, states, businesses, and the public rose to the challenge to uphold our nation’s commitments — and now, we are ready to do it again,” Bloomberg said in a statement. He currently serves as the UN Special Envoy on Climate Ambition and Solutions.
This is the second time Bloomberg has intervened to fill the financial gap caused by US federal disengagement. After the Trump administration’s initial withdrawal from the Paris Agreement in 2017, Bloomberg pledged up to $15 million to support the UNFCCC. He also launched America’s Pledge, an initiative to track and report non-federal US climate commitments, ensuring that global progress could still reflect American contributions.
Bloomberg reaffirmed his commitment to ensuring US compliance with reporting obligations under the Paris Agreement.
“Contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and advancing a low-emission, resilient, and safer future for all,” said UN climate chief Simon Stiell.