COP28: Nigeria secures over $5bn commitment for adaptation fund

The Federal Government says it has secured more than $5 billion in commitments for its climate action at the ongoing climate change conference, also known as COP28, in Dubai, UAE.

Dr Salisu Dahiru, Director-General, National Council on Climate Change (NCCC), who disclosed this on Wednesday at an event organised to mark Nigeria Day at the conference, said the funds came from the US Government.

According to him, $3 billion of the funds is for the recapitalisation of the Green Climate Fund, while the remaining $2 billion for adaptation funds.

Dahiru noted that the country had also secured an additional $560 million for loss and damage, a fund operationalised as compensation for climate-induced disasters.

He said that since the beginning of the conference, Nigeria had signed Memoranda of Understanding with Siemens of Germany as well as Infracorp to produce solar panels in Nigeria.

This, he said, would create jobs for Nigerians and reduce capital flight.

“We are proud to announce that on the first day of COP28, Nigeria’s long-term loan initiative strategy was actually launched, and we are depositing with the UNFCCC in fulfilment of the requirement under the Paris Agreement.

“We have taken the internal stocktake of the climate situation in Nigeria to have a total and holistic picture of the state of climate change action and agree on how best to collectively, in a complimentary manner, work towards achieving this and delivering results on the ground for us that will also assist us.

“Carbon Market Development Framework, which again in this COP28 three days ago, President Bola Tinubu gave a marching order for the activation of the carbon market to take place immediately,” he said.

The NCCC boss refuted reports making the rounds that delegates had come for shopping and sights, saying business at the climate conference was an all-round negotiation to secure commitment and funding for Nigeria’s climate action plan.

“This will enable Nigeria to attract complementary activities, projects, commitment and funding.

“No sightseeing and shopping in the agenda of the council; all delegates are engaged in negotiations that will help Nigeria in seeking funding for its climate adaption plan,” he added.

Credit Gist New Today News in Newspaper Nigeria Headlines

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