Billionaire Bloomberg to fund UN climate body after US withdrawal

Bloomberg's intervention aims to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite the United States halting its contributions.

The United States typically provides 22 percent of the UNFCCC secretariat's budget, with the body's operating costs for 2024-2025 projected at 88.4 million euros ($96.5 million).

"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, said in a statement.

This marks the second time Bloomberg has stepped in to fill the gap left by US federal disengagement.

In 2017, following the Trump administration's first withdrawal from the Paris accord, Bloomberg pledged up to $15 million to support the UNFCCC.

He also launched "America's Pledge," an initiative to track and report US non-federal climate commitments, ensuring the world could monitor US progress as if it were still a fully committed party to the Paris Agreement.

Bloomberg reiterated his commitment to upholding US reporting obligations this time as well.

"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.