Nigeria to Receive $3.9 Billion for Climate Action
• Punch Newspapers • Lifestyle
Nigeria, along with other nations, will benefit from a $3.9 billion funding initiative aimed at enhancing climate action as part of the Global Environment Facility's (GEF) ninth replenishment cycle. This funding is designed to support developing nations in meeting global sustainability targets by 2030. The GEF's interim chief executive officer and chairperson, Claud Gascon, emphasized that this replenishment sends a strong signal of global commitment to environmental protection despite economic pressures. The funding will focus on climate adaptation, biodiversity protection, and sustainable development, particularly in vulnerable countries facing environmental degradation. The GEF 9 framework prioritizes integrating environmental programs, attracting private sector investment, and increasing support for vulnerable populations. Notably, 35% of the resources will be allocated to least developed countries and small island developing states, while 20% will directly support indigenous peoples and local communities. The GEF has previously mobilized $27 billion for environmental projects worldwide, and the next phase of funding is expected to be finalized in late May.
Topics: Environment, Climate Change