Billionaire Michael Bloomberg announced on Thursday, January 23, that his foundation will fund the United Nations Framework Convention on Climate Change (UNFCCC) following President Donald Trump’s second decision to withdraw the United States from the Paris Agreement. The move aims to ensure the climate body remains fully operational despite the U.S. halting its contributions.
The United States typically provides 22 percent of the UNFCCC secretariat’s budget, with operating costs for 2024-2025 estimated at €88.4 million ($96.5 million). Bloomberg’s intervention will fill the financial gap left by the federal government’s disengagement.
“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. As the UN Special Envoy on Climate Ambition and Solutions, he emphasized the importance of maintaining momentum on climate action.
This is not the first time Bloomberg has stepped in to support the UNFCCC. In 2017, following the Trump administration’s initial withdrawal from the Paris Agreement, Bloomberg pledged up to $15 million to sustain the climate body. He also launched “America’s Pledge,” an initiative tracking and reporting U.S. non-federal climate commitments to demonstrate continued progress toward Paris Agreement goals.
UN climate chief Simon Stiell praised Bloomberg’s renewed commitment, stating, “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.”
Bloomberg also reiterated his dedication to ensuring the U.S. meets its reporting obligations under the Paris accord, highlighting the critical role of non-federal actors in addressing climate change during periods of federal disengagement.