Billionaire Michael Bloomberg announced on Thursday, January 23, that his foundation will provide funding to the United Nations Framework Convention on Climate Change (UNFCCC) after President Donald Trump’s decision to withdraw the United States from the Paris Agreement for a second time. This funding aims to keep the climate body operational in light of the U.S. halting its financial contributions.
The U.S. typically covers 22% of the UNFCCC secretariat’s budget, with operational costs for 2024-2025 estimated at €88.4 million ($96.5 million). Bloomberg’s contribution will help fill the financial gap created by the U.S. government’s withdrawal.
“From 2017 to 2020, when the federal government was inactive, cities, states, businesses, and the public stepped up to uphold our nation’s climate commitments—and now we’re ready to do it again,” Bloomberg said in a statement. As the UN Special Envoy on Climate Ambition and Solutions, he stressed the need to keep momentum going 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 exit from the Paris Agreement, Bloomberg pledged up to $15 million to sustain the climate body and launched “America’s Pledge,” a project that tracked U.S. non-federal climate actions to show ongoing progress toward Paris Agreement goals.
UN climate chief Simon Stiell praised Bloomberg’s continued support, saying, “Contributions like this are vital in enabling the UN Climate Change secretariat to help countries meet their Paris Agreement commitments and work towards a low-emission, resilient, and safer future for all.”
Bloomberg also reaffirmed his commitment to ensuring the U.S. meets its reporting obligations under the Paris accord, highlighting the critical role of non-federal actors in tackling climate change, particularly when the federal government steps back.
