Bloomberg Philanthropies will fulfill the US’ global climate action commitments following the federal government’s second withdrawal from the Paris Agreement, CEO Michael Bloomberg announced in a statement on Thursday.
Climate action commitments
Bloomberg Philanthropies, along with other US climate action financiers, will ensure the United States meets its climate commitments. This includes covering the funding gap left by the US to the United Nations Framework Convention on Climate Change (UNFCCC) and maintaining the country’s reporting obligations, according to the statement.
“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. He serves as the UN Secretary General’s Special Envoy on Climate Ambition and Solutions and is the founder of Bloomberg Philanthropies.
Bloomberg Philanthropies has made significant investments in empowering local leaders, helping businesses measure and track emissions through data, and building coalitions across the public and private sectors. As the role of philanthropy becomes increasingly important in driving climate action at the local, state, and private sector levels, the organization is committed to playing a leading role in these efforts, Bloomberg added.
This marks the second time Bloomberg has stepped in to fulfill the United States’ funding and reporting responsibilities under the Paris Agreement in the absence of federal government support. In 2017, the US government similarly withdrew from its obligations to fund, engage with, and report to the United Nations regarding the 2015 Paris Agreement.
Surprising fact
US contributions typically account for 22 percent of the UNFCCC secretariat’s budget, according to AFP.
Big number
$91.9 million (€88.4 million). This is the amount the UNFCCC secretariat’s operating costs are forecasted to total during the 2024 to 2025 period.
Forbes ranking
Bloomberg ranks 16th on Forbes’ The World’s Real Time Billionaires List with a net worth of $104.7 billion as of January 23, 2025.
