US pledges $3Billion to global climate fund, Nigeria set to tap fund

By Samuel Ogunsona reporting from Dubai

The United States of America (USA) has promised to contribute a whooping some of $3billion to global climate funds.

Nigerian delegates have been holding bilateral meetings to benefit from the huge global climate Change conference

The announcement was made by the USA Vice President, Kamala Harris, on Saturday.

USA President. Joe Biden, sent Harris in his place to COP28. Nigerian President, Bola Ahmed Tinubu is also at the historic summit.

“Today, we are demonstrating through action how the world can and must meet this crisis,” Harris told the climate summit in Dubai.

The fund will go into the Green Climate Fund (GCF), which was created in 2010 under the Cancún Agreements as a dedicated financing vehicle for developing countries within the global climate architecture, serving the Financial Mechanism of the UNFCCC and the Paris Agreement.

However, Nigeria and some other developing countries will benefit from the fund as it aim to support a paradigm shift in the global response to climate change in both underdeveloped and developing countries.

Moreover, Coming before the US announcement, $13.5billion as been pledged to the GCF.

Many other underdeveloped and developing countries that has contributed least to the climate change and are being affected more by the crises are calling for support from richer countries to adapt to the increasingly extreme and expensive consequences of fierce weather.