Billionaire Michael Bloomberg announced Thursday his foundation would fund the UN climate change body after President Donald Trump declared the United States would withdraw from the Paris Agreement for a second time.
The intervention ensures the United Nations Framework Convention on Climate Change (UNFCCC) remains fully operational despite the US halting its contributions, which typically account for 22 percent of the secretariat's budget.
"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," said Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions.
Global commitment
The UNFCCC's operating costs for 2024-2025 are projected at €88.4 million.
The US had already paid its required 7.2 million euro contribution for 2024 and cleared €3.4 million in arrears for 2010-2023 before Trump's announcement.
This marks the second time Bloomberg has stepped in to maintain US climate commitments.
In 2017, following the Trump administration's first withdrawal from the Paris accord, he pledged up to $15 million to support the UNFCCC and launched "America's Pledge", an initiative tracking climate commitments from US non-federal actors.
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The UNFCCC, established under a 1992 treaty, coordinates international efforts to reduce climate-warming emissions and stages regular summits where countries can hold one another accountable.
UN climate chief Simon Stiell welcomed the move, saying "contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and advancing a low-emission, resilient, and safer future for all."
Bloomberg's organisation will continue supporting local leaders, strengthening emissions tracking and fostering coalitions across public and private sectors to maintain climate action in the US.
