Tinubu secures $5b US fund at COP28 Dubai summit

By Samuel Ogunsona reporting from Dubai

The President of Nigeria, Bola Ahmed Tinubu has secured a total of $5b United States commitment fund to checkmate negative impacts of Climate Change.

Speaking in Dubai at a function attended by Irohinoodua, the Director-General, National Council on Climate Change (NCCC), Dahiru Salisu sad the fund remains a milestone for Nigeria.

He spoke during a side event at the Nigeria Pavilion.

He said the commitment fund comes from the United State of America (USA).

“$3 billion of the funds is for the recapitalisation of the Green Climate Fund, while the remaining $2 billion is for adaptation fund,” he said.

Nigeria has emerged as a major beneficiary at the ongoing climate change event.

Earlier, Nigeria’s President Bola Tinubu, held bilateral meetings with some of the world leaders who were also present at the summit.

He also met with the royal family in the United Kingdome.

Nigerian authority is looking at the Global Climate Funds that has been implemented to provide rapid, flexible emergency support to countries on the frontline of climate disasters of which the country is one.

Nigeria is now set to tap from the fund as one of the vulnerable countries affected by climate change.

The director said the country has also secured $560 million for loss and damage which was admitted during the conference.

“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.”

Speaking further, he said “We have to take the internal stock of the climate situation in Nigeria to have total and holistic picture of the state of climate change action and agree on how best to collectively in a complimentary manner work towards achieving this and delivering result on the ground for us that will also assist us,” he said.

According ro him “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,”

He said this will enable Nigeria to attract complementary activities, projects, commitment and funding.

“No sight-seeing 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,” Salisu said