The United States is delaying the disbursement of $2.6 billion in climate finance to South Africa, raising concerns the funds could be withheld entirely, Bloomberg News reported on Thursday, citing people familiar with the situation.
Earlier this month, US representatives prevented the World Bank-linked Climate Investment Funds (CIF) from approving a $500 million disbursement to South Africa, the report added.
The funding was expected to unlock an additional $2.1 billion from multilateral development banks and other financial sources and a fresh attempt to approve the disbursement may be made at CIF meetings in June, the report said.
CIF is one of the world’s largest multilateral funds aimed at scaling climate solutions in developing countries.
If confirmed, the move would be among several actions by former President Donald Trump’s administration to scale back participation in multilateral climate initiatives.
In March, the U.S. withdrew from the board of the United Nations’ climate damage fund, which supports vulnerable nations facing climate-related disasters.
The US Treasury and the CIF did not immediately respond to Reuters’ requests for comment.
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