Nigeria and other oil and gas countries whose climate and environment have been impacted by fossil fuel exploration by International Oil Companies will benefit from a $261bn climate fund.
The climate summit, which kick-started in Dubai on Thursday, saw donations from countries including $100m from the COP28 host United Arab Emirates, another $100m from Germany, at least $51m from Britain, $17.5m from the United States, and $10m from Japan.
The fund, a total of about $261bn will help nations impacted by climate change from fossil fuel exploration cope with costly climate disasters. However, there could be more donations made before the end of the two weeks conference.
According to analysts, “Nigeria and other oil-producing countries had demanded for a damage fund for years, the donations could help grease the wheels for other compromises to be made during the two-week summit.”
The fund became necessary following divestments by IOCs from fossil fuel to cleaner energies.
Also, President Bola Tinubu while presenting the 2024 budget proposal to a joint session of the National Assembly, the President revealed that he had directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.
He said Nigeria must seize this opportunity to attract international partnerships and investments that align with her national goals.
“I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.
“Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship,”
According to a statement by Secretary General, African Petroleum Producers’ Organization, Omar Farouk Ibrahim, released on Thursday, he emphasised the need for richer nations to consider the poorer nations in their decisions to phase out fossil fuel, which according to him, had formed the base for which they (richer countries) rode on its back to development.
