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The Federal Government says it has secured more than $5 billion in commitments for its climate action at the ongoing climate change conference, also known as COP28, in Dubai, UAE.<\/p>\n

Dr Salisu Dahiru, Director-General, National Council on Climate Change (NCCC), who disclosed this on Wednesday at an event organised to mark Nigeria Day at the conference, said the funds came from the US Government.<\/p>\n

According to him, $3 billion of the funds is for the recapitalisation of the Green Climate Fund, while the remaining $2 billion for adaptation funds.<\/p>\n

Dahiru noted that the country had also secured an additional $560 million for loss and damage, a fund operationalised as compensation for climate-induced disasters.<\/p>\n

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 panels in Nigeria.<\/p>\n

This, he said, would create jobs for Nigerians and reduce capital flight.<\/p>\n

\u201cWe are proud to announce that on the first day of COP28, Nigeria\u2019s long-term loan initiative strategy was actually launched, and we are depositing with the UNFCCC in fulfilment of the requirement under the Paris Agreement.<\/p>\n

\u201cWe have taken the internal stocktake of the climate situation in Nigeria to have a 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 results on the ground for us that will also assist us.<\/p>\n

\u201cCarbon 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,\u201d he said.<\/p>\n

The NCCC boss refuted reports making the rounds that delegates had come for shopping and sights, saying business at the climate conference was an all-round negotiation to secure commitment and funding for Nigeria\u2019s climate action plan.<\/p>\n

\u201cThis will enable Nigeria to attract complementary activities, projects, commitment and funding.<\/p>\n

\u201cNo 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,\u201d he added.<\/p>\n

COP28: Nigeria secures over $5bn commitment for adaptation fund<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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