Bloomberg Philanthropies to Cover U.S. UNFCCC Dues After Trump's Second Paris Agreement Withdrawal

Jan 23, 2025, 08:00 AM

Michael Bloomberg, through Bloomberg Philanthropies and other U.S. funders, has committed to covering the financial obligations of the United States 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 a UN special envoy on climate change, stated that this move mirrors actions taken during Trump's first term, when he pledged up to $15 million to support the UNFCCC. The U.S. typically contributes over 20% of the UNFCCC's budget, with operational costs estimated at 88.4 million euros for 2024 and 2025. The UNFCCC secretariat is located in Bonn, Germany. Bloomberg's intervention aims to ensure that the U.S. continues to meet its global climate commitments despite the federal government's withdrawal, echoing the period from 2017 to 2020 when cities, states, businesses, and the public upheld U.S. commitments during a time of federal inaction.