Our thinking

Mind the climate funding gap

31 January, 2025

It’s not just cities that have the power to effect (and counter) change – individuals do as well, perhaps particularly when they’re billionaires… 

Enter Michael Bloomberg, billionaire and former New York City mayor, who has stepped in to fill the funding gap left by the United States’ withdrawal from the Paris Agreement. Following President Donald Trump’s executive order to halt US contributions to the United Nations Framework Convention on Climate Change (UNFCCC), Bloomberg announced that his philanthropic organisation and other climate funders would cover the deficit left by the US withdrawal. 

As the world’s largest economy, the US typically contributes about 22% of the UNFCCC’s core budget. Bloomberg’s commitment ensures that the UN climate body remains fully funded despite the loss of US government support. 

This is not the first time Bloomberg has intervened in such a manner. In 2017, during Trump’s first presidency, he made a similar pledge. Bloomberg, who serves as the UN Secretary-General’s special envoy on climate ambition and solutions, stated, “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”.  

We would prefer to live in a world where countries step up and meet their obligations and co-operate with each other in service of the greater good. And it does no one any good to rely purely on the very rich to dig us out of holes, however closely aligned their views are with ours. That said, a well-funded UNFCCC is a critical part of global efforts to address climate change and for now, we’re just glad someone filled the gap.  

By Emma Alajarin