The United Nations tapped former New York City mayor Michael Bloomberg to lead a year-long initiative that will raise massive funds to battle climate change.

Bloomberg — an American billionaire and philanthropist in his own right — was named the head of the Climate Finance Leadership Initiative, a year-long U.N program that aims to raise as much as $100 billion in private funding to help countries reduce carbon emissions and adhere to standards set out in the Paris climate accord.

“Mobilizing resources from the public and private sectors is critical to tackling the issue of climate change,” stated U.N. Secretary-General António Guterres, according to Bloomberg Philanthropies. “In this year of action leading up to my climate summit, I am pleased Mike Bloomberg, my Special Envoy for Climate Action, has agreed to convene private sector leaders through this initiative and work closely with leading governments to help ensure we can meet the objectives of the Paris Agreement.”

Numerous individuals from international corporations and financial firms are to participate in the Climate Finance Leadership Initiative, with the official term ending in September 2019 at the U.N. Climate Summit.

“The market’s allocation of capital is a powerful weapon in our fight against climate change. As climate risks and opportunities become more transparent, investors and businesses are increasing financing for climate solutions,” Bloomberg stated. “I’m glad to help the Secretary-General accelerate this critical transition over the coming year.” (RELATED: Bloomberg’s Gun Safety Organization Pledges Another $5 Million To Midterms)

Bloomberg is no stranger to well-financed social justice causes.

The progressive billionaire co-founded Mayors Against Illegal Guns in 2006, which later evolved into Everytown for Gun Safety. The Bloomberg-backed group has spent millions in an attempt to oust Republican lawmakers who favor Second Amendment rights. Everytown for Gun Safety just launched a $5 million digital ad campaign in September that targets 15 key House races.

Bloomberg, a strong opponent of President Donald Trump, is reportedly preparing for a 2020 presidential run as a Democrat.

Follow Jason on Twitter.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.