Bloomberg to Cover US Climate Funding on the Paris Agreement

American billionaire Michael Bloomberg has pledged to cover the financial obligations of the United States to the United Nations Framework Convention on Climate Change (UNFCCC) following President Donald Trump’s decision to halt contributions and withdraw the country from the Paris Agreement. Bloomberg Philanthropies, along with other climate funders, will step in to ensure continued support for international climate commitments.

The United States typically covers 22% of the UNFCCC’s core budget, which relies on contributions from its member states. The decision to cease payments created an immediate funding gap for the UN climate body, which has an expanded mandate that includes organizing climate negotiations and reviewing national climate action reports. The UNFCCC’s budget for the 2024-2025 period stands at US$165 million.

Bloomberg, who serves as the UN Secretary-General’s Special Envoy for Climate Ambition and Solutions, emphasized the importance of maintaining US commitments. During Trump’s first presidency (2017-2021), Bloomberg Philanthropies also covered US contributions to the UNFCCC. In 2024, it was the largest non-state funder of UNFCCC activities, providing US$4.5 million.

Simon Stiell, Executive Secretary, UNFCCC, acknowledged the significance of private funding in sustaining the organization’s operations. “While government funding remains essential to our mission, contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement,” he said.

The United States joins a small group of nations, including Iran and Yemen, that have left the global climate accord. The withdrawal comes at a critical time, as signatory countries are set to submit updated emissions reduction plans this year.