Legal Nigeria

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

The Federal Government says it has secured more than 5 billion dollars 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 the Nigeria Day at the conference, said the funds came from the U.S. Government.

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

Dahiru noted that the country had also secured additional 560 million dollars 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 panel 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 long term loan initiative strategy was actually launched and we are depositing with the UNFCCC in fulfillment of the requirement under the Paris Agreement.

“We have taken the internal stock take 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 result 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.’’

The NCCC boss refuted reports making the rounds that delegates had come for shopping and sights, saying business at climate conference was 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,” said the director general.


credit: PM News