Nigeria secures over $5 billion funding at COP28 to boost climate action efforts

Nigeria secures over $5 billion funding at COP28 to boost climate action efforts

The Federal Government has disclosed that its participation in the COP28 Climate Summit in Dubai, UAE has yielded over $5 billion in commitments to boost its climate action efforts.

This disclosure was made by Dr Salisu Dahiru, the Director-General of the National Council on Climate Change (NCCC) on Wednesday at an event organised to mark the Nigeria Day at the climate summit in Dubai.

According to Dahiru, the financial commitments to aid Nigeria’s climate action efforts came from the U.S. Government.

He further explained that $3 billion from the $5 billion is for the recapitalisation of the Green Climate Fund, while the remaining $2 billion is for the adaptation fund.

In addition, the director general disclosed that Nigeria secured an additional $560 million for loss and damage, a fund operationalised as compensation for climate-induced disasters.

Speaking on the other gains recorded by Africa’s most populous country at the COP28 conference, Dahiru also disclosed that Nigeria had signed Memoranda of Understanding with Siemens of Germany as well as Infracorp to produce solar panels in Nigeria.

Dahiru pointed out that these deals the country has signed at the climate summit will create jobs and reduce mass emigration from Nigeria to other countries.

“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 total and holistic picture of state of climate change action and agree on how best to collectively in a complimentary manner work towards achieve 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,’’ Dahiru explained.

Furthermore, the director general of the NCCC denied claims perpetrated across several media that the Nigerian delegates had visited Dubai for shopping and sightseeing. He maintained that the delegates were in negotiations to secure funding for Nigeria’s action plan.