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Michael Bloomberg Steps Up To Fill U.S. Climate Leadership Gap After Paris Agreement Exit

by THEFUTURE.TEAM

January 23, 2025

On January 20, 2025, the first day of his second term, the 47th President of the United States Donald Trump signed an executive order withdrawing the U.S. from the Paris Agreement. In response to this move, Michael Bloomberg’s philanthropic organization has once again stepped in to ensure the nation’s global climate commitments are upheld.

Bloomberg Philanthropies announced on Thursday its plans to bridge the financial and reporting gaps left by the U.S. government, supporting the United Nations Framework Convention on Climate Change (UNFCCC) and maintaining momentum in the fight against climate change.

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Commitment To Climate Action

In a statement, Bloomberg, who serves as the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, reaffirmed his organization’s dedication to bridging the gap created by the U.S. withdrawal. “During prior periods of federal inaction, cities, states, businesses, and individuals rose to meet the challenge of upholding our nation’s commitments—and we’re prepared to do it again,” Bloomberg stated.

Bloomberg Philanthropies, along with other American climate financiers, will ensure the U.S. remains engaged in global climate efforts. This includes providing funding to the UNFCCC and maintaining the reporting standards required under the Paris Agreement.

This marks the second time Bloomberg Philanthropies has taken on this role. The organization previously stepped up in 2017, during Donald Trump’s presidency, when the administration also opted out of the Paris Agreement.

Driving Change At Multiple Levels

Bloomberg Philanthropies has been instrumental in empowering local leaders, equipping businesses with tools to monitor emissions, and fostering collaborations across public and private sectors. Bloomberg emphasized the importance of philanthropy in sustaining climate progress, particularly when federal action falters.

By The Numbers

The U.S. typically provides 22% of the UNFCCC secretariat’s budget, a contribution Bloomberg Philanthropies will help replace.
The UNFCCC’s operating costs for 2024–2025 are projected to total $91.9 million (€88.4 million).

Bloomberg’s Wealth And Influence

Ranked 16th on Forbes’ Real-Time Billionaires List, Michael Bloomberg boasts a net worth of $104.7 billion as of January 23, 2025. His financial power continues to play a pivotal role in supporting global climate ambitions, even as the federal government steps back from its responsibilities.

By stepping in to fill this leadership void, Bloomberg underscores how private entities can drive meaningful change on a global scale, even in the absence of federal support.

The Decline Of Smartwatches: A Turning Point In The Wearable Tech Industry

by THEFUTURE.TEAM

March 13, 2025

For the first time in history, the smartwatch market is facing a significant downturn. Shipments are expected to drop by 7% in 2024, marking a major shift in a segment that has been growing steadily for over a decade. A report by Counterpoint reveals that while Apple still holds the top spot, its dominance is being challenged by a surge from Chinese brands like Huawei, Xiaomi, and BBK. Even as the overall market struggles, some companies are thriving.

The Big Picture: Why Smartwatches Are Slowing Down

Apple’s flagship products have long been the driving force in the smartwatch market, but even the tech giant is feeling the pressure. The company’s shipments are projected to fall by 19% this year, though it will remain the market leader. Meanwhile, brands from China are capitalizing on the shift, with Huawei showing an impressive 35% growth in sales, driven by the booming domestic market and a broad range of offerings, including smartwatches for kids.

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Xiaomi, too, is experiencing remarkable success, with a staggering 135% increase in sales. In contrast, Samsung is seeing more modest growth, up 3%, thanks to its latest Galaxy Watch 7 and Galaxy Watch Ultra series.

While some companies are succeeding, the broader market is facing headwinds. The biggest factor behind the overall decline is the slowdown in India, where consumer demand for smartwatches has stagnated. The segment is suffering from a lack of innovation and fresh updates, leaving many consumers with little incentive to upgrade their devices. Add to that market saturation, and it’s clear why many users are content with their current models. The Chinese market, however, is bucking the trend, showing 6% growth in 2024.

A Glimpse Into The Future

Looking ahead, the smartwatch market may begin to recover in 2025, driven by the increasing integration of AI and advanced health monitoring tools. As these technologies evolve, the industry could see a resurgence in demand.

Huawei’s Remarkable Comeback

Huawei’s impressive performance in the smartwatch space signals a broader recovery for the company, which has been hit hard by US sanctions. Once the world’s largest smartphone maker, Huawei’s business was decimated when it lost access to advanced chips and Google’s Android operating system in 2019. But in China, Huawei has maintained its dominance, with its market share growing to 17% in 2024.

This resurgence was partly driven by the launch of the Mate 60 Pro, a smartphone featuring a 7-nanometer chip developed in China. Despite US sanctions, the device surprised many with its capabilities, a testament to China’s rising investment in domestic semiconductor production.

In February, Huawei also unveiled its Mate XT foldable smartphone, the world’s first device to fold in three directions. Running on HarmonyOS 4.2, Huawei’s proprietary operating system, the phone further demonstrates the company’s resilience and ability to innovate despite international challenges.

Huawei’s smartwatch offerings are also catching attention, particularly the Huawei Watch GT 5 Pro, which launched in September of last year. With a premium titanium alloy design, a high-resolution AMOLED display, and impressive health tracking features, the GT 5 Pro has become a standout in the market, available to both Android and iOS users.

A Brief History Of The Smartwatch Revolution

The smartwatch market has had its fair share of milestones, but the real breakthrough came in 2012 with the Pebble, a Kickstarter-funded project that raised over $10 million. Pebble introduced the world to smartphone integration, app downloads, and long battery life, becoming the first truly mass-market smartwatch.

In 2013, Samsung entered the game with the Galaxy Gear, marking its first attempt at wearable tech. But it was Apple’s entry in 2014 that truly set the industry on fire. The Apple Watch’s sleek design, integration with iOS, and emphasis on health and fitness catapulted it to the top of the market, establishing a standard that many other brands would try to follow.

By 2021, the smartwatch industry had grown to over $30 billion in revenue, with annual growth reaching 20%. Yet now, it finds itself at a crossroads, with innovation stagnating and market saturation taking a toll.