The United States has withdrawn from a climate agreement where rich nations have pledged billions of dollars to help a small group of developing countries switch from coal to green energy sources

Close on the heels of its withdrawal from the Paris Agreement, the US has pulled out from two more initiatives — a fund for responding to loss and damage and an international climate financing agreement to help developing countries transition away from fossil fuels.

This week’s G20 finance meeting must galvanise a global climate agenda to mitigate the grave impact of the US withdrawal.