Michael Bloomberg, the billionaire former mayor of New York City and prominent environmental advocate, is set to announce more than £400 million in new funding for climate-related ventures during a visit to London this week. The finance and media mogul, whose estimated net worth stands at $109 billion (£82 billion), plans to unveil these investments as part of London Climate Action Week, an event he will co-host alongside Prince William and United Nations Secretary-General António Guterres.

Bloomberg intends to highlight London’s growing role as a centre for climate innovation, noting the city’s leadership in adopting measures to reduce emissions and improve air quality. Speaking about the capital’s position, he is expected to emphasize that the demand for clean urban environments is driving business investments and job creation. “People want to live in cities with clean air and, where people want to live, businesses want to invest,” he plans to say.

The announced funding—totaling approximately $590 million (£446 million) globally—will support a range of climate ventures, charities and initiatives, with a significant proportion directed toward UK-based organisations. Bloomberg Philanthropies, his charitable foundation, already has a history of backing environmental projects in Britain, including the Earthshot Prize, which is spearheaded by Prince William, as well as C40 Cities, Kew Gardens, the Clean Air Fund and Global Fishing Watch.

Bloomberg, who considers London his second home and recently joined Berkshire’s Sunningdale golf club, views the city’s climate initiatives as pivotal to fostering economic growth through sustainability. The influx of investment is expected to translate into new jobs and opportunities within the green economy, reinforcing London’s status as a hub for climate action and innovation. The timing of these announcements during London Climate Action Week underscores the ongoing global push to align economic development with environmental responsibility.