Michael Bloomberg tops up climate spending to beyond $3bn

Michael Bloomberg’s spending on the “global climate fight” has topped $3bn over a decade, including a recent boost to contributions to the UN’s climate body, as broader financial support slides in the Trump era.

The 83-year-old pledged nearly $270mn to two climate initiatives around the UN COP30 summit late last year through his Bloomberg Philanthropies organisation, according to FT analysis, with the funding coming from his family foundation and donations as an individual.

The philanthropy confirmed for the first time the extent of Bloomberg’s climate contributions stretching back for more than a decade. “Through Bloomberg Philanthropies, Mike has made the environment a top priority, committing over $3bn to the global climate fight,” it said.

Since President Donald Trump’s return to the White House, some prominent US philanthropic organisations have withdrawn funding or reduced their focus on climate for fear of being targeted by the administration.

The president has attacked climate change as a “con job” and green energy as a “scam”. The formal withdrawal of the US from the Paris climate agreement comes into effect today.

As others have retreated, Bloomberg, who made his fortune through the eponymous financial data terminals, has become an even more influential figure in global climate action, often replacing the US as a big donor in international climate initiatives.

His spending includes initiatives which lobby for the end of the use of coal, tackle methane from gas production, protect oceans and address air pollution.

By comparison, the Rockefeller Foundation, another significant supporter of climate action, has pledged to spend $1bn over five years.

Bill Gates, who has long invested in and donated to companies and organisations focused on global warming, last year called for a rethink by the UN and other agencies on climate spending in the light of US cuts to aid. While climate change would have serious consequences, he said, it would not lead to humanity’s demise and more money should be spent on vaccines.

Jeff Bezos’s philanthropic Bezos Earth Fund has ended its support for the Science Based Targets Initiative after an $18mn three-year grant expired.

UK hedge fund billionaire Chris Hohn’s philanthropic arm of The Children’s Investment Fund Foundation has also stopped giving grants to US green groups.

Several other US charities and philanthropies have told the FT they have played down their focus on climate change since the start of Trump’s second presidency.

Among the recent Bloomberg contributions are funds provided to cover a budget shortfall at the UN climate change body, the UNFCCC. Since 2014, Bloomberg has been a special envoy for the UN secretary-general on climate change.

In 2025, Bloomberg pledged to cover the gap at the UNFCCC left by the absence of a US contribution. It was the second time he filled the breach, having also done so during Trump’s first term.

By September 2025, Bloomberg Philanthropies had provided $5mn for “supplementary activities” to the UN climate arm, up slightly on the $4.5mn provided in 2024. The UNFCCC said it had received more than $31mn from Bloomberg Philanthropies since 2016.

The Bloomberg Philanthropies’ series of funding initiatives launched ahead of the UN COP30 summit in November included the $168mn to help cities deal with climate change and $100mn to track methane emissions.

Christiana Figueres, the former UN climate chief, who has taken part at Bloomberg-sponsored events, gave the billionaire credit for maintaining his focus on climate. “Michael Bloomberg doesn’t let himself be bullied.”