In response to the United States’ recent withdrawal from the Paris Agreement, Michael Bloomberg’s foundation, Bloomberg Philanthropies, has committed to:
• Covering the U.S.’s financial contributions to the UN Framework Convention on Climate Change (UNFCCC) and supporting emissions reporting efforts.
• Historically, the U.S. has funded about 20% of the UNFCCC budget, amounting to $7.5 million in 2024. Between 2017 and 2020, during a previous U.S. withdrawal, Bloomberg contributed $15 million to support these initiatives.
• Bloomberg emphasised the increased importance of philanthropy in driving local, state, and private sector climate actions, stating, “Now, philanthropy’s role in driving local, state and private sector action is more crucial than ever — and we’re committed to leading the way.”
This commitment aims to mitigate funding shortfalls and ensure continued progress in global climate initiatives despite inconsistent government support.