New York, Jan 25 : Bloomberg Philanthropies, the charitable arm of media billionaire Michael Bloomberg, said on Thursday it will step in to cover the U.S. contribution to the United Nations climate body’s budget following President Donald Trump’s withdrawal from the Paris climate agreement.
Trump announced shortly after taking office that the U.S. would pull out of the accord and end its international climate funding commitments. He had previously made similar decisions regarding the Paris deal during his first term from 2017 to 2021.
In a statement, Bloomberg Philanthropies said, “Bloomberg Philanthropies and other U.S. climate funders will ensure the United States meets its global climate obligations.” Bloomberg, also serving as a UN special envoy on climate change, has pledged to work with U.S. states, cities, and businesses to maintain the country’s climate commitments. “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,” Bloomberg said.
The U.S. typically funds around 21% of the United Nations Framework Convention on Climate Change (UNFCCC) core budget. For 2024, the U.S. paid 7.2 million euros ($7.4 million) to the UNFCCC and cleared a 3.4 million euro arrear for missed contributions from 2010 to 2023.
The UNFCCC, which runs climate negotiations for nearly 200 countries, is facing a severe budget shortfall that diplomats say has started to disrupt parts of global climate talks. “We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg,” said UN climate chief Simon Stiell.
Linda Kalcher, executive director of the think-tank Strategic Perspectives, noted that Bloomberg’s funding underscores the willingness of U.S. businesses and states to fill the gap left by the U.S. withdrawal from international climate cooperation. “This is where the other U.S. actors come in. I can foresee that a lot of interaction will happen again with the U.S. businesses and states that want to continue,” Kalcher said.
Bloomberg Philanthropies previously contributed $4.5 million to the UNFCCC last year. The UNFCCC’s main budget for 2024-2025 totals 240 million euros, with about half expected to be allocated for the current year.
