The United States has delayed the release of $2.6 billion in climate finance for South Africa, specifically blocking a $500 million payment from the Climate Investment Funds (CIF). This delay raises concerns about the overall disbursement of funds and aligns with previous actions taken by the Trump administration regarding climate initiatives. New discussions may occur in June during CIF meetings.
The United States has postponed the disbursement of $2.6 billion in climate finance intended for South Africa, leading to apprehensions regarding its eventual release, as reported by Bloomberg News. U.S. officials recently halted a $500 million payment linked to the Climate Investment Funds (CIF), which was vital in securing an additional $2.1 billion from various multilateral development banks and financial sources.
The CIF, recognized as one of the largest multilateral funds, aims to promote climate solutions in developing countries. A new proposal to release the blocked funds may be put forth during the upcoming CIF meetings scheduled for June. This delay mirrors the reduced commitment to global climate initiatives seen during the administration of former President Donald Trump.
In March, the U.S. withdrew from the board of the United Nations climate damage fund, an entity designed to assist nations grappling with climate-induced disasters. As of now, both the U.S. Treasury and CIF have not provided any commentary regarding the matter.
The delay in U.S. climate financing for South Africa raises significant concerns about future funding for climate initiatives. The postponement not only stymies immediate financial support but also threatens to diminish broader international climate efforts. The eventual outcome of discussions at the upcoming CIF meetings in June will significantly influence the availability of vital resources for South Africa’s climate projects.
Original Source: newscentral.africa
