Latest news with #U.S.InternationalClimateFinancePlan
Zawya
07-03-2025
- Politics
- Zawya
South Africa notes the decision by the United States Government to withdraw from the Just Energy Transition Partnership
USA President Donald Trump signed Executive Order 14162 in terms of which the United States is engaging in a re-prioritisation exercise and is thus revoking and rescinding the U.S. International Climate Finance Plan issued by the previous administration, including policies that were implemented to advance JETP. As a result, effective immediately, the USA has announced the termination of its membership of the International Partners Group (IPG) for JETPs South Africa, Indonesia and Vietnam. With the USA withdrawal, associated financial pledges are also withdrawn. Grant projects that were previously funded and in planning or implementation phases have been cancelled. South Africa notes the decision and remains committed to the implementation of international agreements, including decisions taken at the historic Paris Climate Change Conference. South Africa and other international partners will evaluate the implications of the US withdrawal from the JETP. Distributed by APO Group on behalf of Republic of South Africa: Department of International Relations and Cooperation.
Yahoo
31-01-2025
- Business
- Yahoo
U.S. Treasury withdraws from global financial climate coalition
Jan. 30 (UPI) -- The U.S. Treasury on Thursday announced its withdrawal from the network of central banks and regulators focused on creating a global financial system to withstand climate change, as the Trump administration continues to separate itself from such initiatives in favor of boosting its domestic business and energy sectors. The Treasury had joined the Network of Central Banks and Supervisors for Greening the Financial System in February 2022, under the Biden administration, which sought to address climate change as an issue for both national security and the economy. Its exit follows President Donald Trump on his first day in office on Jan. 20 signing executive orders to terminate President Joe Biden's Green New Deal and his so-called Green Agenda -- including pausing funds for electric vehicle charging stations to rescinding the U.S. International Climate Finance Plan, a multibillion-dollar foreign policy and national security initiative to aid global climate transition efforts. The Trump administration also withdrew the United States from the Paris Climate Agreement, which Biden had rejoined after Trump initially revoked U.S. membership during his first term in office. "NGFS was organized to help meet the goals of the Paris Agreement, from which the United States withdrew. NGFS' initiatives are inconsistent with this Administration's priorities to grow the U.S. economy and American jobs, and NGFS' role diverges from the traditional technical and coordinating roles of other international fora," the Treasury said in its statement Thursday. UPI has requested comment from the NGFS. The Federal Deposit Insurance Corporation also withdrew from the NGFS on Jan. 21, saying in a statement that the coalition "is not within the FDIC's authorities and mandate." In the final days of the Biden administration, the Board of Governors of the Federal Reserve System announced its withdrawal from the NGFS. Its seven board members voted five in favor of leaving the group, with two governors abstaining. The Fed said "the work of the NGFS had increasingly broadened in scope, covering a wider range of issues that are outside of the Board's statutory mandate." In response, the NGFS said it "regrets but respects" its decision to leave. Founded in 2017 with eight central banks and supervisors, the NGFS' "coalition of the willing" has since grown to more than 160 members and observers.
