New York City Mayor Michael Bloomberg and former U.S. President Bill Clinton announced on Wednesday the merger of their environmental groups, hoping to make it the most prominent climate policy organization in the world.

The new organization would combine C40, a coalition of international cities run by Bloomberg, and the Clinton Climate Initiative, a project of Clinton' s philanthropic foundation, into a single organization, which will focus on population-rich cities to address global warming.

"I am elated by this. I think we really have a chance to make a difference," said Bill Clinton during a press conference at Gracie Mansion, adding that "together we are proving it is possible to create jobs and grow economies through reduced emissions."

C40 and the Clinton Climate Initiative both seek to cut carbon emissions through programs that reduce energy use in buildings, promote mass transit and reuse greenhouse gases emitted by landfills.

The newly combined organization is said to have a budget of about 15 million U.S. dollars. The group will have main offices in New York, Los Angeles and London.