White man in a suit and tie holding a small burlap bag with a dollar sign on it.

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

electric vehicle EV charging at a charging station.

Credit: Haberdoedas/Unsplash

New Trump administration rule weakens efforts to promote cleaner cars

The Trump administration just threw a wrench into Biden’s fuel efficiency plans, publishing a new rule that challenges how electric vehicles factor into federal standards.

Rachel Frazin reports for The Hill.

In short:

The U.S. Transportation Department issued a rule saying the Biden administration improperly used electric vehicles to calculate carmakers’ fuel economy standards.
While not eliminating Biden’s rules outright, the administration suggested it may not enforce them during its own rulemaking process, arguing the current standards are akin to an EV mandate.
The move undercuts one of Biden’s core climate strategies and could reduce pressure on automakers to improve efficiency — unless U.S. Environmental Protection Agency rules, which Republicans are also trying to reverse, stay intact.

Why this matters:

Fuel efficiency rules are one of the federal government’s main tools to cut transportation emissions — the top source of greenhouse gases in the U.S. While this new rule doesn’t outright kill the fuel economy standards, it signals the administration likely won’t enforce them while it writes its own version.

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thehill.com

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