WASHINGTON – On January 23, billionaire philanthropist Michael Bloomberg announced that his foundation would step in to fund the United Nations climate change body, the UN Framework Convention on Climate Change (UNFCCC), following US President Donald Trump’s decision to withdraw the United States from the Paris Agreement for the second time.
Bloomberg’s intervention ensures that the UNFCCC remains fully funded, despite the US halting its contributions. The US typically contributes 22% of the UNFCCC’s secretariat budget, with the body’s projected operating costs for 2024 to 2025 estimated at €88.4 million (S$124.9 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 also serves as the UN Special Envoy on Climate Ambition and Solutions.
This is the second time Bloomberg has stepped in to bridge the gap left by US federal disengagement. In 2017, after the first US withdrawal from the Paris accord, Bloomberg pledged up to US$15 million to support the UNFCCC and launched America’s Pledge, an initiative to track and report on US non-federal climate commitments. This initiative ensured that the world could continue to monitor the US’s progress as if it were still a fully committed party to the Paris Agreement.
Bloomberg reiterated his commitment to maintaining US climate reporting obligations, despite the federal withdrawal. UN climate chief Simon Stiell emphasized the importance of such contributions, stating, “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.”