Billionaire and former New York Mayor Mike Bloomberg has announced a significant boost in financial support for the UN Framework Convention on Climate Change (UNFCCC) as the Trump administration prepares to scale back US contributions.
The UNFCCC is responsible for hosting annual global climate conferences and monitoring progress on reducing greenhouse gas emissions under the Paris Agreement. Its core budget is funded by nearly 200 member nations, with the United States traditionally being the largest contributor.
However, President Donald Trump has signalled plans to halt US payments to the organisation, potentially jeopardising its operations. The US has also recently announced its withdrawal from the Paris Agreement, raising further concerns about American support for global climate initiatives.
In a statement, Bloomberg Philanthropies confirmed it would fulfil the United States’ financial commitments to the UNFCCC. This move ensures the organisation can continue its critical work without interruption.
UN climate chief Simon Stiell welcomed Bloomberg’s contribution, describing such funding as “vital” for supporting countries in achieving their climate goals under the Paris Agreement and fostering a low-emission, climate-resilient future.
Bloomberg also highlighted the continued efforts of a coalition of cities, states, and corporate leaders that first emerged during Trump’s initial term. This group is committed to maintaining the US pledge to cut greenhouse gas emissions, regardless of federal action.
“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.
During Trump’s first term, the US accrued over $8.3 million in unpaid dues to the UNFCCC. The Biden administration cleared this backlog last year. Bloomberg Philanthropies stepped in during Trump’s presidency and has continued its support under President Biden.
In 2023, Bloomberg Philanthropies became the UNFCCC’s largest non-state donor, contributing $4.5 million to help sustain the organisation’s operations and climate advocacy efforts.
Bloomberg’s commitment underscores the importance of non-governmental contributions in driving global climate action. As the UNFCCC continues its work, such funding plays a critical role in advancing the goals of the Paris Agreement and ensuring a sustainable future for all.
