Billionaire philanthropist Michael Bloomberg has announced that his foundation will provide funding to the United Nations Framework Convention on Climate Change following the United States’ decision to withdraw from the Paris Agreement under President Donald Trump.
According to the AFP, this is the second time Bloomberg has stepped in to bridge the financial gap left by US federal disengagement from international climate efforts.
The United States typically contributes 22% of the UNFCCC’s budget, with the body’s operating costs for 2024-2025 estimated at €88.4 million ($96.5 million).
The UNFCCC plays a critical role in organizing global climate conferences, including the upcoming COP30 in Brazil scheduled for November 2025.
“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,” said Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions.
Bloomberg’s support comes in response to Trump’s recent announcement that the United States would withdraw from the Paris accord for a second time.
The president also signed an executive order to exit the World Health Organization, which relies on the US for 16.3% of its $7.89 billion budget for 2022-2023.
Bloomberg’s intervention aims to ensure that the UN climate body can continue its mission to support countries in tackling climate change. Simon Stiell, head of the UNFCCC, described the funding as “vital” to the body’s operations. “Contributions like this enable us to assist nations in meeting their commitments under the Paris Agreement and advancing toward a low-emission, resilient future,” he said.
Bloomberg previously filled a similar funding gap in 2017, following the Trump administration’s first withdrawal from the Paris Agreement.
At that time, he pledged up to $15 million to support the UNFCCC and launched “America’s Pledge,” a platform tracking non-federal climate commitments in the United States. Bloomberg reaffirmed his intention to maintain these reporting efforts, ensuring that US progress is monitored despite federal disengagement.
Laurence Tubiana, a key architect of the Paris Agreement, praised Bloomberg’s renewed support, calling it a “generous donation” that ensures the UN climate body remains a “vital forum for international cooperation on the greatest challenge of our time.”
The Paris Agreement, adopted in 2015, unites nearly all the world’s nations in the effort to limit global temperature rise.
Bloomberg’s action, according to Tubiana, underscores the importance of collaborative solutions in addressing a global issue that no single country can tackle alone.
