U.S. Delays $2.6 Billion Climate Funds for South Africa, Raising Concerns
The U.S. is delaying $2.6 billion in climate funds for South Africa, impacting $500 million from the Climate Investment Funds and jeopardizing additional funding. The delay mirrors trends from previous administrations to reduce U.S. involvement in global climate initiatives. Upcoming CIF meetings may address the issue.
The United States has postponed a $2.6 billion climate finance initiative intended for South Africa, sparking fears that the funds may not be released entirely, according to Bloomberg News. U.S. officials recently obstructed a $500 million allocation from the Climate Investment Funds (CIF), which was expected to facilitate an additional $2.1 billion from various international development banks and sources. A further attempt to secure this funding may occur during CIF meetings scheduled for June.
The Climate Investment Funds is one of the largest multilateral finance mechanisms aimed at enhancing climate solutions in developing countries. Should this delay be substantiated, it would reflect a continuation of policies initiated during former President Donald Trump’s administration, which aimed to decrease U.S. engagement in global climate efforts. Notably, in March, the United States distanced itself from the United Nations’ climate damage fund, which assists nations confronting climate-related emergencies.
As of now, both the U.S. Treasury and CIF have not provided any comments in response to inquiries from Reuters.
In summary, the United States has delayed a crucial climate fund worth $2.6 billion for South Africa, raising alarm over potential non-disbursement. The postponement of a significant $500 million transfer from the Climate Investment Funds reflects ongoing trends of decreased U.S. involvement in international climate initiatives, echoing actions from the previous administration. The future of this funding awaits discussion in upcoming CIF meetings.
Original Source: newscentral.africa
