Overview

• Michael Bloomberg's foundation will cover the U.S. financial obligations to the UN Framework Convention on Climate Change (UNFCCC) after Trump’s withdrawal from the Paris Agreement for the second time.
• The UNFCCC, responsible for coordinating international climate efforts, faces a significant funding gap as the U.S. typically contributes 22% of its budget.
• Bloomberg had previously stepped in to fund the UNFCCC during Trump’s first withdrawal from the Paris Agreement, pledging up to $15 million at the time.
• The U.S. remains a member of the UNFCCC, but Trump’s executive order ends all U.S. financial commitments to international climate agreements.
• UN officials and climate leaders praised Bloomberg's intervention, emphasizing its importance in maintaining international climate cooperation and accountability.