Bloomberg charity to cover UN funds revoked with Paris Agreement withdrawal

Businessman and former New York Mayor Michael Bloomberg said this week his philanthropic foundation will contribute the U.S.’s financial obligations under the Paris Climate Agreement to the United Nations Framework Convention on Climate Change (UNFCCC) after President Trump announced he would withdraw the U.S. from the agreement.

In a statement Wednesday through Bloomberg Philanthropies, Bloomberg said the organization will both cover the U.S.’s funding gap and its reporting requirements for planet-warming emissions.

The announcement does not specify a dollar amount the organization will contribute, but it committed about $15 million to the UNFCCC between 2017 and 2020 after Trump announced the withdrawal of the U.S. from the agreement in his first term.

The U.S. ordinarily pays about a fifth of the UNFCCC budget, which amounted to about $7.5 million in 2024.

“Bloomberg Philanthropies has made significant investments in empowering local leaders, providing businesses with the data to track emissions while driving economic growth, and building coalitions across public and private sectors. Now, philanthropy’s role in driving local, state, and private sector action is more crucial than ever — and we’re committed to leading the way,” Bloomberg said in a statement.

“While government funding remains essential to our mission, contributions like this are vital in enabling the UN Climate Change secretariat to support countries in fulfilling their commitments under the Paris Agreement and a low-emission, resilient, and safer future for everyone,” Simon Stiell, UNFCCC executive secretary, said in a statement.

Trump announced the executive order beginning the Paris withdrawal process within hours of taking office Monday. He previously announced the pullout months into his first term in 2017, while former President Biden began the rejoining process on the first day of his own presidency.

Once the withdrawal is complete, the U.S. will be one of only four countries not to participate in the agreement, along with Iran, Libya and Yemen.

Topics

The significance of Trump withdrawing from the Paris Climate Agreement

President Trump again withdrew the U.S. from the Paris Climate Agreement, a worldwide pact that aims to fight global warming. CBS News national environmental correspondent David Schechter reports ...
CBS News - 2d
European leaders vow to stick to Paris climate agreement despite Trump withdrawal

Various European leaders reacted to President Donald Trump's withdrawal from the Paris Agreement saying that they will stick to the landmark Paris climate agreement even though the United States ...
ABC News - 2d
Trump to withdraw U.S. from Paris climate agreement again

President Trump says he will again withdraw the United States from the landmark Paris climate agreement.
CBS News - 3d
Trump declares national energy emergency, orders U.S. to withdraw from Paris climate agreement

The goal of the a national energy emergency is to reduce energy costs, an incoming White House official told reporters.
CNBC - 3d
Trump signs several executive orders, including withdrawal from Paris climate agreement

At the conclusion of his inauguration parade, President Donald Trump signed a series of executive actions including a letter to the UN stating the withdrawal from the Paris Climate Treaty and ...
NBC News - 3d
Trump will pull U.S. out of Paris climate agreement

President Donald Trump will pull the United States out of the Paris climate agreement, according to an executive order he signed Monday as one of his first acts after he took office.
NBC News - 3d
Trump signs order withdrawing from Paris Agreement

President Trump signed an executive order Monday evening officially beginning the withdrawal of the U.S. from the Paris Climate Agreement. The newly inaugurated president signed the order at an ...
The Hill - 3d
Trump signs order to withdraw US from Paris climate agreement for second time

On first day back as president, Trump signs letter giving notice to UN of US exit from treaty seeking to curb climate crisis effects. What executive orders did Trump sign on day one? Donald ...
The Guardian - 3d
Trump announces second withdrawal from Paris Climate Agreement

President Trump announced the withdrawal of the U.S. from the Paris Climate Agreement on Monday shortly after his inauguration, echoing a similar decision in his first term that was later reversed ...
The Hill - 3d