Bloomberg Steps Up: Filling the U.S. Climate Funding Void

Michael Bloomberg's philanthropy efforts and other funders aim to fulfill U.S. financial commitments to the UN climate agreement after Trump's withdrawal. Bloomberg pledges to cover required payments and support emissions tracking and coalitions. Despite federal pullback, states, cities, and businesses remain committed to Paris climate goals.

Michael Bloomberg has announced that his philanthropic organization, Bloomberg Philanthropies, along with other U.S. funders, will cover the financial obligations the U.S. owes to the UN climate framework. This move comes in response to President Donald Trump's renewed efforts to withdraw the country from the Paris climate agreement.

Despite Trump's executive orders aiming to halt international climate financial commitments, Bloomberg, a UN special envoy on climate change, affirms his dedication to ensuring the U.S. continues to meet its emissions reporting obligations. He highlighted the crucial role cities, states, and businesses have played in maintaining the country’s climate commitments from 2017 to 2020.

By addressing the funding gap, Bloomberg intends to keep U.S. climate action on track, supporting local leaders and building coalitions to foster a cohesive climate strategy. This initiative is critical as UN climate platforms, including the secretariat set under the 1992 UNFCCC treaty, face severe budget shortages according to recent analyses.

(With inputs from agencies.)