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Global fund okays $ 1.1b for projects in Nigeria, others

The Global Adaptation Fund (AF) said it has committed over$ 1.1 billion committed to improving the climate resilience of 43 million total beneficiaries in 112 countries.

Created under the United Nations Framework Convention on Climate Change, the fund is designed to finance climate change adaptation projects and programmes based on the priorities of eligible developing countries.

According to it, the fund reached 165 approved concrete projects last year.

AF said it is restoring over 635,000 hectares of natural habitat and 164,000 meters of coastlines while creating 526 early warning systems at local, country and regional levels.

The year, the fund said it began with gathering detailed information on climate change, that 2023 was the hottest on record by significant margins -- including .60°C above 1991-2020 mean averages and 1.48°C above 1850-1900 pre-industrial averages.

According to the fund, the large margin by which the previous record was surpassed provides indisputable testimony of how much warmer and riskier today’s climate is and adds further to the urgency of investments in adaptation funding highlighted by a UNEP adaptation gap report released last year. The report estimated adaptation finance needs of developing countries to be 10-18 times larger than what is provided by international public finance. The AF’s own active pipeline of projects under development reflects such increasing needs as it grew to $ 425 million last year.

The year, AF said it will further adapt and expand opportunities for vulnerable countries through funding adaptation action projects, innovation, learning and sharing.

Last year, the UK announced it will contribute £1.62 billion to the Green Climate Fund (GCF). The pledge was made at the G20 summit which was held in India. Nigeria is one of the beneficiaries.

The investment is the UK's largest single financial contribution to international climate change aid. The GCF, first established by 194 countries following the Copenhagen Accord at COP15 in 2009, is the biggest global fund dedicated to supporting developing nations in reducing their own emissions, as well as mitigating and adapting to the impacts of climate change.