Climate change: Nigeria secures over $5 billion funding at COP28

Nigeria’s successful pursuit of over $5 billion in funding at COP28 marks a significant milestone in the country’s fight against climate change. The funding is a testament to Nigeria’s commitment to sustainable development and showcases its proactive approach towards finding innovative solutions to combat climate change. With these funds, Nigeria will be able to invest in clean energy projects, biodiversity conservation, and climate adaptation measures, ensuring a greener and more resilient future for its citizens.

The National Council on Climate Change’s (NCCC) Director-General, Dr. Salisu Dahiru, made this revelation on Wednesday during a Nigeria Day celebration at the climate conference in Dubai. Dahiru claims that the U.S. Government provided the financial commitments to support Nigeria’s efforts to combat climate change. He went on to say that the adaptation fund would receive the remaining $2 billion, with $3 billion of the $5 billion going toward recapitalizing the Green Climate Fund. The director general also revealed that Nigeria had obtained an extra $560 million for loss and damage, a fund that is operationalized as recompense for natural disasters brought on by climate change.

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While discussing the other successes that the most populous nation in Africa had at the COP28 conference, Dahiru revealed that Nigeria had signed Memoranda of Understanding to produce solar panels domestically with Siemens of Germany and Infracorp. Dahiru emphasized that the agreements Nigeria signed at the climate summit will generate jobs and lessen the country’s mass emigration to other nations.

“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.

The director general of the NCCC also refuted rumors spread by various media outlets that the Nigerian delegates had come to Dubai primarily for sightseeing and shopping. Per his assertion, the purpose of the negotiations was for the delegates to obtain funds for Nigeria’s action plan.


Covenant Umoru

Covenant is a multi- media Journalist with over 4 years experience. More »

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