Tomorrow, Bill Clinton will hand what used to be CGI’s main event off to Mike Bloomberg. And Bloomberg is reviving part of the event’s original role as a kind of US government in exile. The conference was created during the worst of the Iraq war and amid intense American isolation. European and Middle Eastern allies loathed George W. Bush, and turned instead to the open and sympathetic face of Bill Clinton’s America.

Bloomberg’s move to take over the conference (renamed the Bloomberg Global Business Forum) hasn’t drawn much attention, but it’s worth seeing in that context: The former New York mayor is inheriting not a conference, but a platform for an alternative American diplomacy. (Bloomberg, Axios wrote on breaking the news, is “the new Clinton.”)

Bloomberg is formalizing the posture that brought him to Paris in June. After Donald Trump announced that he was canceling the climate accord, Bloomberg said he’ll rally American businesses to meet its targets anyway.