By Adeyemi Adekunle
To preserve the integrity of global climate efforts, billionaire philanthropist and former mayor Michael Bloomberg announced on Thursday that his foundation will provide funding to the United Nations climate change body, following U.S. President Donald Trump’s decision to withdraw the United States from the Paris Agreement for the second time. Bloomberg’s intervention is seen as a crucial safeguard to ensure the continuation of the United Nations Framework Convention on Climate Change (UNFCCC) amid the U.S. halt on its contributions.
The United States, traditionally one of the largest financial contributors to the UNFCCC, typically covers 22% of the secretariat’s operating costs. With the organization’s costs projected to reach 88.4 million euros ($96.5 million) for the 2024-2025 period, the U.S. withdrawal leaves a substantial financial gap. However, Bloomberg’s pledge is designed to help close this gap and ensure that the UNFCCC remains fully funded and operational.
“For years, we’ve seen cities, states, businesses, and the public step up to fill the leadership void created by the federal government, and now, we’re doing it again,” Bloomberg said in a statement. The intervention marks the second time the Bloomberg Foundation has stepped in to fill the void left by U.S. federal disengagement on climate issues.
The first instance came in 2017 when President Trump withdrew the United States from the Paris Climate Agreement, a move that raised concerns over the commitment of the world’s largest economy to reducing global emissions. In response, Bloomberg committed up to $15 million to support the UNFCCC and launched “America’s Pledge,” an initiative to track and report on U.S. climate actions taken by non-federal actors such as cities and businesses. This initiative effectively ensured that, despite the federal withdrawal, progress on the U.S.’s climate goals could be monitored and celebrated internationally.
Bloomberg, who serves as the U.N. Special Envoy on Climate Ambition and Solutions, reiterated his commitment to supporting U.S. reporting obligations under the Paris Agreement in his recent statement. His foundation’s funding, he said, would ensure that global climate initiatives remain robust, even in the absence of federal support. “We need to ensure that countries across the globe fulfill their Paris Agreement commitments, and that’s what we’re doing by ensuring the UNFCCC’s secretariat stays funded,” he explained.
The continued financial support from Bloomberg’s foundation has drawn praise from international leaders. Simon Stiell, the U.N. climate chief, expressed deep gratitude for the continued contributions, which, he said, are essential for advancing global climate objectives. “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,” said Stiell.
While the Trump administration’s decision to pull out of the Paris Agreement marked a setback for global climate progress, Bloomberg’s action has provided a critical lifeline to the international effort to combat climate change. Bloomberg, known for his entrepreneurial spirit and philanthropic commitment to social causes, has become a key player in global climate advocacy. His timely intervention underscores his unwavering belief that climate action must transcend political boundaries.
The funding announcement also comes at a time when the global urgency to address climate change has reached new heights. International leaders and environmental groups have voiced their concerns over the slow progress in reducing global greenhouse gas emissions and meeting the critical targets set under the Paris Agreement.
Despite challenges, the U.N. climate talks continue to provide a forum for countries to come together and negotiate the pathways forward. Bloomberg’s efforts serve as a reminder that, even in times of political divisiveness, communities, businesses, and individuals can contribute meaningfully to the global fight against climate change.
