UNFCCC financial reports or official statements from Bloomberg Philanthropies

Bloomberg Philanthropies to Fund UN Climate Body After Trump's Second Withdrawal From Paris Agreement

Jan 23, 2025, 07:02 AM

Former New York Mayor Michael Bloomberg, through Bloomberg Philanthropies, has committed to covering the United States' financial obligations to the United Nations Framework Convention on Climate Change (UNFCCC) following President Donald Trump's announcement of a second withdrawal from the Paris climate agreement. Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions, stated that his organization, along with other US funders, will ensure the US meets its global climate commitments. The US typically contributes over 20% of the UNFCCC's budget, which is estimated at 88.4 million euros for the years 2024 and 2025. This move marks Bloomberg's second intervention to address the funding gap left by US federal disengagement, having previously pledged up to $15 million during Trump's first term. Bloomberg also launched the 'America's Pledge' initiative to track and report non-federal US climate commitments, allowing global monitoring of US progress despite its withdrawal from the Paris Agreement.