Emmanuel OchayiMichael Bloomberg’s philanthropy group, Bloomberg Philanthropies, has announced funding to cover the U.S. contribution to the United Nations Framework Convention on Climate Change (UNFCCC). This follows the U.S. government’s withdrawal from international climate funding under President Donald Trump’s leadership.
“Bloomberg Philanthropies and other U.S. climate funders will ensure the United States meets its global climate obligations,” the organisation stated on Thursday.
Join our WhatsApp ChannelBloomberg, a former New York mayor and billionaire media entrepreneur, also serves as a U.N. special envoy on climate change. He expressed a commitment to ensuring that states, cities, and businesses across the U.S. stay aligned with international climate goals.
“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.
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U.S. Withdrawal Creates Budget Challenges
President Trump’s decision to withdraw the U.S. from the Paris Agreement and cease international climate funding has left a significant financial gap. The U.S. typically provides 21% of the UNFCCC’s core budget, which covers essential activities such as annual climate negotiations and implementing global agreements like the Paris Accord.
Last year, the U.S. paid €7.2 million (approximately $7.4 million) to the UNFCCC’s 2024 budget and cleared €3.4 million in arrears. However, a Reuters review of UNFCCC documents revealed ongoing budget shortages that have disrupted key climate dialogues.
U.N. climate chief Simon Stiell welcomed Bloomberg Philanthropies’ intervention. “We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg,” Stiell said in a statement.
Collaboration With States and Businesses
Bloomberg Philanthropies’ pledge is not limited to funding. The group also plans to work closely with states, cities, and businesses to maintain the U.S.’s role in global climate efforts.
Linda Kalcher, executive director at Strategic Perspectives and a former U.N. climate adviser, highlighted the importance of collaborative efforts. “This is where the other U.S. actors come in. I can foresee that a lot of interaction will happen again with U.S. businesses and states that want to continue,” she said.
Kalcher also noted that Bloomberg’s move reflects a broader willingness within parts of the U.S. to counter federal inaction.
A History of Philanthropic Contributions
Bloomberg Philanthropies has supported the UNFCCC in the past. Last year, it provided $4.5 million in funding, according to U.N. public documents. The organization has also pledged to contribute to the UNFCCC’s broader climate initiatives, which are partially funded by non-governmental contributions.
The UNFCCC’s current two-year budget amounts to €240 million, with about half allocated for 2024. These funds support global climate negotiations, ensuring that countries remain committed to combating climate change.
Michael Bloomberg reiterated his belief in the power of collaboration. “The U.S. has always been a leader in climate action, and despite challenges, we will continue to play our part,” he said.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
