He will pay the $15 million that the U.N. stands to lose from Trump's nixing of the Paris deal.
Bloomberg founder and CEO Michael Bloomberg has offered to make up the $15 million in funding that the United Nations stands to lose from U.S. President Donald Trump’s decision to pull out of the Paris Climate Agreement.
Under the historic agreement, the U.S. would have been expected to contribute that amount to the operating budget of the United Nations Framework Convention on Climate Change, the accord’s coordinating agency.
“Americans are not walking away from the Paris Climate Agreement,” the billionaire philanthropist and former New York City mayor said on Thursday, according to the Washington Examiner. “Just the opposite — we are forging ahead.”
Bloomberg believes that “non-state actors” will be able to achieve the United States’ 2025 emissions reduction target without the federal government’s support.
In a draft letter to U.N. Secretary-General António Guterres, cited in the New York Times, he wrote: “The bulk of the decisions which drive U.S. climate action in the aggregate are made by cities, states, businesses, and civil society. Collectively, these actors remain committed to the Paris accord.”
For more about the Paris Climate Agreement, watch Fortune’s video:
Bloomberg joins a growing chorus of business leaders from various industries who have publicly denounced Trump’s withdrawal from the accord.
Tesla tsla CEO Elon Musk and Disney’s dis Bob Iger both left the President’s advisory council in protest, while corporations such as Google googl and Shell have criticized the president’s move online.