Nigeria may benefit from UAE pledge of $200m Climate Change Fund for vulnerable countries

By Samuel Ogunsona Reporting From Dubai

President Bola Ahmed Tinubu is pushing for Nigeria to benefit from the United Arab Emirates $200 million pledge to support vulnerable countries in the fight against climate change.

The UAE made the announcment on Friday at the ongoing World climate change conference in Dubai attended by Irohinoodua.

The pledge is a follow up to previous $200 million to support the development in low income nations earlier this year in Marrakech.

Sources close to President Tinubu said the Nigerian leader has been holding series of meetings with world leaders in Dubai to bail Nigerian out of her economic situation.

Nigeria, the source said is most likely going to benefit from the 200million dollar fund.

COP28 President, Dr. Sultan Al Jaber, who made the announcement of the new package said the effort is to support communities who have often contributed the least to climate change but are impacted the most.

He said, “The UAE is delighted to announce our SDR commitment to the IMF Resilience and Sustainability Trust (RST). We are committed to supporting those countries and communities who have often contributed the least to climate change but are impacted the most,”

However, the commitment comes in the form of Special Drawing Rights (SDRs), pledged to the International Monetary Fund’s (IMF) Resilience and Sustainability Trust (RST).

Approximately three-quarters of the IMF’s country membership is eligible for RST financing, including low-income members as well as middle-income countries and small island developing states (SIDS).

Currently, the RST has received over $40 billion to SDR pledges and 11 countries have been approved as recipients so far.