The U.S. has delayed $2.6 billion in climate finance to South Africa, raising concerns about possible non-disbursement. A $500 million disbursement from the Climate Investment Funds was blocked, which may affect future funding. This aligns with former President Trump’s administration’s reduced global climate involvement. Details about the delay remain unconfirmed as the U.S. Treasury and CIF have not commented on the issue.
The United States has postponed the release of $2.6 billion in climate finance intended for South Africa, provoking apprehension regarding the possibility of the funds remaining undistributed. This information was reported by Bloomberg News, citing sources familiar with the situation.
In a recent development, U.S. representatives halted a $500 million disbursement from the Climate Investment Funds (CIF), which is affiliated with the World Bank. This funding was anticipated to facilitate an additional $2.1 billion in financing from multilateral development banks and other financial institutions. A new opportunity to consider this funding may arise during CIF meetings in June.
CIF is recognized as one of the largest multilateral funds globally, focusing on promoting climate solutions within developing nations. A potential confirmation of this delay would reflect a continuation of actions initiated during former President Donald Trump’s tenure that sought to reduce U.S. participation in global climate efforts. Notably, in March, the U.S. withdrew from the board of the United Nations’ climate damage fund, which offers assistance to countries affected by climate-related disasters.
As of now, neither the U.S. Treasury nor CIF has responded to Reuters’ inquiries regarding this matter, leaving uncertainties surrounding the financial support for South Africa’s climate initiatives.
In summary, the U.S. has delayed $2.6 billion in climate finance for South Africa, raising concerns about the potential non-availability of these funds. This move comes after a blocked $500 million disbursement from CIF, a significant fund for climate solutions in developing countries. This trajectory aligns with previous actions during the Trump administration aimed at diminishing U.S. involvement in global climate initiatives, complicating future support for climate resilience in South Africa.
Original Source: newscentral.africa
