After Trump leaves Paris Agreement, Bloomberg steps in to fund US bill

This marks the second time Donald Trump has announced America's exit from the Paris Agreement, and likewise the second time media billionaire Michael Bloomberg and his philanthropic organisation, Bloomberg Philanthropies, have stepped in to fill the void.

The organisation's support includes funding the USA's contribution to the UN climate body UNFCCC's budget.

'Bloomberg Philanthropies and other U.S. climate funders will ensure the United States meets its global climate obligations', the organisation announced in a statement, not specifying the exact amount or which partners are involved.

To mobilise cities and states

Beyond the funding, Bloomberg Philanthropies plans to collaborate with states, cities and businesses to keep the USA on track with climate commitments despite the federal withdrawal.

'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', Michael Bloomberg says in the statement.

Critical funding

The USA typically accounts for 21 per cent of UNFCCC's core budget. In 2023, the country paid €7.2 million for 2024 and settled a debt of €3.4 million for the period 2010-2023.

While UNFCCC's core budget is funded by governments, other aspects of its operations can receive contributions from philanthropic organisations and other entities. Bloomberg Philanthropies already contributed €4.5 million last year, according to public UN documents. UNFCCC's total budget for 2024-2025 amounts to €240 million, with half expected to be used during 2024.

Necessary for global climate negotiations

The UNFCCC organises the annual climate negotiations with nearly 200 countries and is responsible for implementing international climate agreements, with the Paris Agreement from 2015 being the most significant.

"We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg", says UN climate chief Simon Stiell.