Michael Bloomberg steps in to help fund UN climate body after Trump withdrawal

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Former New York Mayor Michael Bloomberg's philanthropy organization, Bloomberg Philanthropies, announced on Thursday that it will provide funding to cover the U.S. contribution to the U.N. climate body's budget. This move addresses the gap left by President Donald Trump's decision to withdraw the U.S. from international climate funding and the Paris climate agreement shortly after taking office earlier this week.

Michael Bloomberg, a media billionaire and U.N. special envoy on climate change, emphasized the importance of meeting global climate commitments. "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.

Bloomberg Philanthropies pledged to ensure that the United States fulfills its obligations under the United Nations Framework Convention on Climate Change (UNFCCC), which oversees global climate negotiations and the implementation of agreements like the 2015 Paris Agreement. However, specific details about the funding amounts or other participating climate funders were not disclosed.

The U.S. typically funds around 21% of the UNFCCC's core budget. In 2024, the U.S. paid 7.2 million euros ($7.4 million) toward its required contribution, as well as 3.4 million euros to clear arrears for missed contributions between 2010 and 2023. Despite this, a Reuters analysis revealed that the UNFCCC is experiencing a severe budget shortfall, which diplomats warn is disrupting global climate dialogue.

U.N. climate chief Simon Stiell expressed gratitude for Bloomberg Philanthropies' support and Bloomberg's leadership. "We deeply appreciate the generous support from Bloomberg Philanthropies," he said in a statement.

Linda Kalcher, executive director at think-tank Strategic Perspectives and former climate adviser to the U.N. Secretary-General, praised Bloomberg's initiative. She noted that U.S. states and businesses are likely to play a significant role in maintaining international climate cooperation. "This is where the other U.S. actors come in. I can foresee that a lot of interaction will happen again with the U.S. businesses and states that want to continue," Kalcher said.

Bloomberg Philanthropies is no stranger to supporting climate initiatives. Last year, it contributed $4.5 million to the UNFCCC, as reported in U.N. public documents reviewed by Reuters. The UNFCCC's main budget for 2024–2025 is approximately 240 million euros, with half allocated for this year.

In addition to financial contributions, Bloomberg pledged to work alongside U.S. states, cities, and businesses to ensure the country remains aligned with its global climate responsibilities, demonstrating a commitment to addressing the challenges left by the U.S. withdrawal from the Paris climate agreement.

Bloomberg, you are a great billionaire

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