Billionare Bloomberg fills UN climate funding gap as US withdraws again

Former New York City mayor and billionaire entrepreneur Michael Bloomberg announced Thursday he will fund the United Nations’ climate change organization, filling a critical gap after President Donald Trump declared the United States would withdraw from the Paris Agreement for a second time.

The announcement ensures the continued operation of the U.N. Framework Convention on Climate Change (UNFCCC), which faces a potential budget shortfall of approximately $21 million—the U.S. share of its operating costs. The organization’s total budget for 2024-2025 is projected at €88.4 million ($96.5 million).

“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 U.N. special envoy on climate ambition and solutions.

This intervention mirrors Bloomberg’s 2017 response when the Trump administration first withdrew from the Paris accord. Then, the billionaire philanthropist pledged up to $15 million to the UNFCCC and launched “America’s Pledge,” an initiative tracking climate action by U.S. states, cities, and businesses.

The UNFCCC plays a crucial role in coordinating global climate action, including organizing international climate conferences. The next major gathering, COP30, is scheduled for November in Brazil.

UN climate chiefs welcomes Bloomberg’s support

U.N. climate chief Simon Stiell welcomed the support, 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.”

The announcement comes at a critical moment for international climate cooperation. On Monday, Trump announced not only the withdrawal from the Paris Accord but also signed an executive order directing the U.S. withdrawal from the World Health Organization, which receives 16.3% of its $7.89 billion budget from Washington.

Laurence Tubiana, a key architect of the Paris Agreement, emphasized the significance of Bloomberg’s intervention, noting his “generous donation will allow the world to maintain a vital forum for cooperation on the fundamental challenge of our time, which no country can solve alone or afford to ignore.”