Bloomberg's intervention aims to ensure the United Nations Framework Convention on Climate Change (UNFCCC) remains fully funded despite the US halting its contributions.

The US typically provides 22% of the UNFCCC secretariat's budget, with the body's operating costs for 2024-2025 projected at $96.5 million.

"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," Bloomberg, who serves as the UN Special Envoy on Climate Ambition and Solutions, said in a statement.