Key Impact Points:
- Funding gap filled: Bloomberg Philanthropies pledges to cover the U.S. contribution to the UNFCCC budget, addressing the shortfall caused by the U.S. withdrawal from the Paris Agreement.
- Leadership commitment: Bloomberg vows to collaborate with U.S. states, cities, and businesses to uphold global climate obligations despite federal inaction.
- Severe budget shortfall: The UNFCCC’s budget is strained, with diplomats warning of disruptions to global climate dialogue.
Bloomberg Philanthropies Covers U.S. Contribution
Michael Bloomberg, former New York Mayor and U.N. special envoy on climate change, announced that Bloomberg Philanthropies and other U.S. climate funders would ensure the United States meets its global climate obligations. The pledge includes covering the U.S. financial contributions to the United Nations Framework Convention on Climate Change (UNFCCC).
“Bloomberg Philanthropies and other U.S. climate funders will ensure the United States meets its global climate obligations,” the organization said.
U.S. Withdrawal Sparks Funding Void
President Donald Trump announced the U.S. withdrawal from the Paris Agreement and halted international climate funding. This decision left the UNFCCC without its largest contributor, as the U.S. typically funds around 21% of its core budget.
Last year, the U.S. paid €7.2 million ($7.4 million) to the UNFCCC’s 2024 budget and cleared €3.4 million in arrears from 2010-2023. However, the UNFCCC still faces a severe budget shortfall.
A Continued Commitment
Michael Bloomberg emphasized the importance of continued climate action by non-federal entities, stating:
“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.”
UNFCCC’s Role and Budget
The UNFCCC leads global climate negotiations among nearly 200 countries, implementing agreements like the Paris Accord. Its 2024-2025 budget totals €240 million, with philanthropic contributions playing a critical role.
Bloomberg Philanthropies previously donated $4.5 million to the UNFCCC, demonstrating sustained support for global climate governance.
Global Recognition of Leadership
U.N. climate chief Simon Stiell expressed gratitude for Bloomberg’s support:
“We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Michael Bloomberg.”
Linda Kalcher, executive director at Strategic Perspectives, highlighted the role of U.S. actors like Bloomberg in bridging the gap left by federal withdrawal:
“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.”
Michael Bloomberg’s proactive efforts signal strong leadership in addressing global climate challenges despite federal setbacks.
