When President Donald Trump announced the United States’ withdrawal from the Paris Agreement for the second time, it left a significant funding gap for the United Nations Framework Convention on Climate Change (UNFCCC). But billionaire philanthropist and climate advocate Michael Bloomberg quickly stepped in, ensuring that the global body would remain operational.
Bloomberg, the former mayor of New York City and a longtime champion of climate action, pledged to cover the 22% share of the UNFCCC’s budget that the U.S. would have provided—an estimated $21 million annually for the 2024-2025 period. This bold move marks the second time Bloomberg has stepped in to fill the void left by U.S. federal 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, reiterating his belief in the resilience of grassroots climate leadership.
This isn’t the first time Bloomberg has taken a stand for global climate initiatives. Following the Trump administration’s initial withdrawal from the Paris Agreement in 2017, Bloomberg committed $15 million to support the UNFCCC and ensure it could continue its critical work.
He also launched America’s Pledge, an initiative designed to track and report the climate commitments of U.S. cities, states, businesses, and non-federal actors. By spotlighting these efforts, America’s Pledge provided a mechanism to measure U.S. progress on climate goals despite the federal government’s retreat.
Beyond filling financial gaps, Bloomberg has used his platform to champion international action. Through his Bloomberg Philanthropies foundation, he has supported numerous initiatives to reduce emissions, accelerate renewable energy adoption, and combat climate-related health risks. As the UN Special Envoy on Climate Ambition and Solutions, Bloomberg has been a vocal advocate for greater transparency and accountability in meeting global goals.
UN Climate Chief Simon Stiell expressed gratitude for Bloomberg’s intervention, calling it “vital” to helping the UNFCCC assist countries in meeting their commitments under the Paris Agreement. “Contributions like this ensure we can continue advancing a low-emission, resilient, and safer future for all,” Stiell said.
The timing of Bloomberg’s pledge underscores its importance. The UNFCCC’s operating costs for 2024-2025 are projected at €88.4 million ($96.5 million), and the U.S. has historically been the single largest contributor. Without this funding, the UNFCCC’s ability to coordinate global climate action and assist developing countries would have been severely hindered.
Bloomberg’s commitment is more than a financial gesture—it’s a powerful message to the world. By stepping in during moments of federal inaction, he reaffirms that America’s fight against climate change transcends politics. As the global community continues its efforts to combat the climate crisis, Bloomberg’s leadership reminds us that individuals and private entities can play a transformative role in driving change.
