Lagos, Nigeria – January 23, 2025 – In a significant move to counter the US government’s withdrawal from the Paris Agreement, billionaire philanthropist Michael Bloomberg announced on Thursday that his foundation will provide funding to the United Nations Framework Convention on Climate Change (UNFCCC).

The US typically contributes 22% of the UNFCCC’s annual budget, which is projected to reach €88.4 million ($96.5 million) for the 2024-2025 period. This withdrawal poses a significant financial challenge to the international body responsible for coordinating global efforts to combat climate change.

“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, who serves as the UN Special Envoy on Climate Ambition and Solutions, stated in a press release.

This marks the second instance where Bloomberg has stepped in to fill the void left by US federal disengagement on climate action. Following the Trump administration’s initial withdrawal from the Paris Agreement in 2017, Bloomberg pledged up to $15 million to support the UNFCCC and launched “America’s Pledge,” an initiative aimed at tracking and reporting US non-federal climate commitments.

“Contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and advancing a low-emission, resilient and safer future for all,” said UN Climate Chief Simon Stiell.

Laurence Tubiana, a key architect of the Paris Agreement, praised Bloomberg’s generosity, stating, “This generous donation will allow the world to maintain a vital forum for cooperation on the fundamental challenge of our time, which no country can solve alone or afford to ignore.”

President Trump’s announcement on Monday marked the second US withdrawal from the Paris Agreement, a landmark accord that aims to limit global temperature rise. This decision also follows his earlier move to withdraw the US from the World Health Organization.

Key Takeaways:

• Bloomberg’s financial support will ensure the continued operation of the UNFCCC despite the US withdrawal.
• This is the second time Bloomberg has stepped in to address the US government’s withdrawal from climate action.
• The UNFCCC plays a crucial role in coordinating international efforts to combat climate change.

This move by Michael Bloomberg demonstrates a commitment to international climate action and underscores the importance of continued global cooperation in addressing this critical challenge.