The U.S. has delayed $2.6 billion in climate finance to South Africa, blocking a $500 million disbursement from CIF, thus raising concerns about the funds’ disbursement. CIF meetings in June may provide an opportunity for reconsideration. This action aligns with a previous trend of reduced U.S. involvement in global climate initiatives, particularly under the former administration.
The United States has postponed the release of $2.6 billion in climate finance earmarked for South Africa, which has sparked apprehension regarding the eventual disbursement of these funds, as reported by Bloomberg News. This decision follows the blocking of a $500 million disbursement from the World Bank-linked Climate Investment Funds (CIF) earlier this month, which was integral in securing an additional $2.1 billion from multilateral development banks and other financial entities.
CIF serves as one of the largest multilateral funds focused on enhancing climate solutions in developing nations. A renewed effort to approve the disbursement is anticipated during CIF meetings scheduled for June. If this delay is validated, it may mirror previous actions taken by former President Donald Trump’s administration to diminish U.S. engagement in global climate initiatives.
Earlier this year, the U.S. withdrew from the board of the United Nations’ climate damage fund, which offers support to nations grappling with climate-related disasters. As of now, both the U.S. Treasury and CIF have not provided any comments in response to inquiries from Reuters.
The postponement of the $2.6 billion climate finance for South Africa raises significant concerns about its future allocation. Blocking the initial $500 million disbursement from CIF not only affects immediate funding but also jeopardizes the anticipated additional financing. This delay reflects a broader trend in U.S. climate policy under the previous administration, with implications for international climate initiatives.
Original Source: newscentral.africa
