Bloomberg Steps Up: Filling the U.S. Gap in Global Climate Funding

Michael Bloomberg's philanthropy is stepping in to fill the funding gap left by the U.S. withdrawal from international climate agreements. Bloomberg pledges to ensure the U.S. meets its climate obligations by working with various entities, covering the required contribution to the UNFCCC's budget.

Michael Bloomberg's philanthropy arm is addressing the financial void left by the United States' departure from international climate agreements under President Donald Trump. Bloomberg Philanthropies will fund the U.S. contribution to the U.N. climate body's budget, as announced on Thursday.

Amid federal climate policy rollback, Bloomberg has vowed to collaborate with states, cities, and corporations to uphold America's global climate commitments. His organization pledges to cover the U.S.'s annual obligation to the United Nations Framework Convention on Climate Change (UNFCCC).

Bloomberg's funding comes at a critical time when the UNFCCC faces a budget shortfall threatening climate initiatives worldwide. U.N. climate chief Simon Stiell praised Bloomberg's leadership, highlighting a renewed effort by U.S. entities to recommit to international climate cooperation.

(With inputs from agencies.)