BY THE OPTIMIST DAILY EDITORIAL TEAM
Today in our Best of 2025 series, we’re highlighting business stories that prove doing good and doing well are not mutually exclusive. From ethical entrepreneurship to bold climate pivots, these are the innovations and ideas reshaping the economy for a more sustainable and inclusive future.
When the United States announced last week the plans to withdraw the country from the Paris Agreement and cut international climate funding the ripple effects were felt across the globe. One of the biggest casualties was the United Nations Framework Convention on Climate Change (UNFCCC), the U.N.’s leading climate body, responsible for facilitating global climate negotiations and implementing agreements like the 2015 Paris Accord.
But just as a funding gap emerged, Michael Bloomberg, former mayor of New York and U.N. special envoy on climate change, stepped in with a solution. Bloomberg Philanthropies announced that it would provide financial support to cover the United States’ contribution to the UNFCCC’s budget.
“Bloomberg Philanthropies and other U.S. climate funders will ensure the United States meets its global climate obligations,” the organization stated.
A history of stepping up
This isn’t Bloomberg’s first time coming to the aid of global climate efforts. From 2017 to 2020, during a previous period of federal inaction on climate issues, cities, states, and businesses rallied to uphold U.S. commitments under his leadership. Bloomberg pledged to do so again, saying, “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.”
The United States historically funds around 21 percent of the UNFCCC’s core budget. Last year, it paid 7.2 million euros for its 2024 contribution and settled an additional 3.4 million euros in arrears, covering missed payments from 2010 to 2023. However, Reuters reported that the U.N. climate body continues to face a severe budget shortfall, with diplomats noting disruptions to critical climate dialogues.
Why funding matters
The UNFCCC’s core mission, bringing nearly 200 nations together to negotiate and implement climate agreements, requires a steady flow of resources. The organization’s total budget for 2024-2025 stands at 240 million euros, with about half allocated for 2024.
While government contributions form the backbone of this budget, private organizations and philanthropies like Bloomberg Philanthropies have the flexibility to fund additional initiatives. Last year, Bloomberg Philanthropies contributed $4.5 million to the UNFCCC, a significant boost to its operational capacity.
Simon Stiell, U.N. climate chief, expressed gratitude for the support: “We deeply appreciate the generous support from Bloomberg Philanthropies and the leadership shown by Mike Bloomberg.”
A call to action for others
Linda Kalcher, executive director at think tank Strategic Perspectives, highlighted how Bloomberg’s actions could inspire others. “This is where the other U.S. actors come in. I can foresee that a lot of interaction will happen again with U.S. businesses and states that want to continue,” she explained.
Bloomberg’s efforts also demonstrate the importance of a multi-stakeholder approach to climate action, where philanthropies, businesses, and subnational entities work alongside governments to drive progress.
Climate action beyond borders
While federal decisions often dominate headlines, Bloomberg’s intervention showcases how influential individuals and organizations can fill critical gaps. By ensuring the UNFCCC can continue its work, Bloomberg Philanthropies helps sustain global climate cooperation at a pivotal moment.
In an era where climate change demands urgent and unified action, efforts like Bloomberg’s remind us that leadership doesn’t always have to come from the top.
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