Bloomberg pledges to fund U.S. Paris Agreement obligations after withdrawal

Michael Bloomberg’s foundation will step in to cover U.S. funding gaps for the Paris Agreement after Trump withdrew from the accord.

Zack Budryk reports for The Hill.

In short:

Bloomberg Philanthropies will fund U.S. financial obligations to the UN Framework Convention on Climate Change (UNFCCC) and support emissions reporting.
The U.S. typically covers about 20% of the UNFCCC budget, which totaled $7.5 million in 2024. Bloomberg previously contributed $15 million between 2017 and 2020 during a prior withdrawal.
Trump officially began the Paris withdrawal process last week, making the U.S. one of only four nations not part of the agreement.

Key quote:

“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.”

— Michael Bloomberg

Why this matters:

Efforts to curb climate change face a critical challenge as the international community grapples with funding shortfalls to support emissions tracking and help nations meet the Paris Agreement's ambitious goals. The problem is compounded by inconsistent government support, particularly from the United States, which has at times stepped back from its commitments. Contributions like Bloomberg’s fund projects like advanced emissions-monitoring systems, which allow nations to quantify progress toward reducing greenhouse gases. However, such reliance on voluntary donations raises concerns about the sustainability and equity of global climate efforts.

thehill.com

Bloomberg pledges to fund U.S. Paris Agreement obligations after withdrawal

Texas transmission policy sharpens US competition fight

Environmental groups contest Texas data centers’ air pollution

Stratospheric aerosol injection might make flights smoother

How industry is fragmenting Canada’s vast boreal forest

For 20 years, Canada’s leaders have promised a carbon capture fix

The climate crisis onscreen: 14 films that made waves

Lake Powell shrinks and marinas must adapt

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Pennsylvania health advocates say Trump’s first 100 days in office have caused “100 harms” to local communities

“They're terrorizing these scientists because they want to keep them silent.”

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.