US Backs Out of $9.3 Billion Climate Finance Deal for South Africa, Senegal, and Others
The U.S. has withdrawn from a $9.3 billion climate finance agreement to help developing countries transition from coal to renewable energy. Founded in 2021, Just Energy Transition Partnership (JETP) aims to help develop countries through loans and grants, moving to cleaner energy from South Africa, Indonesia, Vietnam and Senegal. The United States has pledged more than $1 billion to South Africa and provided $3 billion to Indonesia and Vietnam, but has now withdrawn from all JETP protocols. Retract doubts about transitional work, especially in coal-based South Africa, where 70% of electricity comes from coal, and thousands rely on the sector to work.
source: African business insiders
