NAIRAMETRICS
Nigeria and other developing nations are set to benefit from the United States of America’s pledge of $3 billion in climate investment funds at the COP28 Summit in Dubai, United Arab Emirates.
The US Vice President, Kamala Harris, stated on Saturday that her country is committing $3 billion in climate funds to developing nations to mitigate gas emissions and climate change.
This climate finance initiative is coming on the heels of the recent announcement by the UAE government to inject 30 billion dollars into climate-related projects in developing nations.
Nigeria, the most populous country in Africa as well as an Oil-producing nation, is one of the stakeholders attempting to reduce its oil dependence and diversify its energy source to a greener economy.
Speaking with other stakeholders at the CO28 Summit, President Bola Tinubu assured global partners that Nigeria is committed to ending gas flaring as well as promoting greenhouse initiatives in the energy sector.
What the US is Saying
The US is one of the biggest financers of climate projects in the world. According to Kamala Harris, international climate finance committed by the US reached $5.8 billion in 2022.
In addition, US climate finance is set to eclipse $9.5 billion, the official said, putting the country on a path to potentially fulfil President Joe Biden’s ambition to provide more than $11 billion in 2024.
Harris stated that the greenhouse initiative is pivotal to ending fossil fuel dependency around the world, calling on world leaders to embrace a greener economic environment.
- “This is a pivotal moment – our action collectively, or worse our inaction, will impact billions of people for decades to come
- “Around the world, there are those who seek to slow or stop our progress. Leaders who deny climate science, delay climate action and spread misinformation,” she said.
She also noted that the funds will go to far less than several less wealthy countries, to the loss and damage fund, a structure set up to assist developing countries most at risk from climate impacts.
