Billionaire Michael Bloomberg pledges to fund UN Climate Body amid US withdrawal from Paris Agreement
text_fieldsBillionaire philanthropist Michael Bloomberg has announced that his foundation will financially support the United Nations Framework Convention on Climate Change (UNFCCC) following the United States' decision to withdraw from the Paris Agreement for a second time under President Donald Trump.
Bloomberg’s intervention aims to ensure the UN climate body remains operational despite the withdrawal of US funding. Traditionally, the United States has contributed 22% of the UNFCCC's budget. For the 2024-2025 period, the operating costs are projected to be 88.4 million euros ($96.5 million).
“As we did from 2017 to 2020, during a time of federal inaction, cities, states, businesses, and individuals are ready to step up and fulfill our nation’s commitments once again,” said Bloomberg, who also serves as the UN Special Envoy on Climate Ambition and Solutions.
This is not the first time Bloomberg has stepped in to fill the funding void.
In 2017, following the Trump administration's initial withdrawal from the Paris Agreement, Bloomberg pledged up to $15 million to support the UNFCCC. He also initiated "America's Pledge," an effort to monitor and report climate action by non-federal entities in the United States, ensuring global accountability as if the nation remained part of the agreement.
Bloomberg confirmed his ongoing commitment to uphold US reporting obligations under the Paris Agreement, emphasising the importance of collective action in combating climate change.
UN Climate Chief Simon Stiell praised the pledge, stating, “Contributions like this are essential for enabling the UN Climate Change secretariat to support countries in meeting their Paris Agreement commitments and building a sustainable, low-emission future.”