Reports from financial institutions or recognized environmental organizations

Bloomberg Philanthropies Funds UN Climate Body for Second Time After US Withdrawal

Jan 23, 2025, 11:01 AM

Billionaire Michael Bloomberg has announced that his foundation, Bloomberg Philanthropies, will fund the United Nations Framework Convention on Climate Change (UNFCCC) following the United States' withdrawal from the Paris Agreement under President Donald Trump. This marks the second time Bloomberg has stepped in to cover the financial obligations of the US to the UN climate body, having previously done so during Trump's first term. The US typically contributes 22% of the UNFCCC's budget, with the operating costs for 2024-2025 projected at approximately $96.5 million. Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions, emphasized that during a period of federal inaction from 2017 to 2020, cities, states, businesses, and the public rose to uphold the nation's commitments. He reiterated his readiness to do so again, ensuring that the US meets its global climate obligations despite the federal government's withdrawal.