Climate Fund Urgency

The 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) has been underway in Egypt since Sunday. World leaders, country heads, government officials, climate change activists, among others,  have converged there to discuss the burning issues of climate change adaptation, mitigation, financing, threats of rising temperature and greenhouse gases (GHG) and other things as the world faces worsening climate change impacts, which is already exacerbating in the forms of heatwaves, floods and droughts around the world. Fossil fuel emissions by humans are causing global warming and almost every country has seen increased frequency of extreme weather events linked to this phenomenon.

As there is no sign of the world limiting the emissions of planet-heating gases, the problem looks set to get even worse. Climate experts have stressed that progress in reducing the emissions has been slow, saying that Russia-Ukraine war has distracted the attention of governments around the world, triggering unprecedented energy crisis and forcing some countries to embrace the use of long-ditched dirty fuels again. They have also warned that the window for climate action is fast-closing and that we are heading for irreversible consequences. The UN says progress on cutting the emissions has been “woefully inadequate”, which is a matter of serious concern for the whole humanity, biodiversity and the planet's health.  

The planet has already warmed by 1.1C since pre-industrial times and scientists have warned that it must be limited to 1.5C by 2100 to avoid catastrophic repercussions. Experts predict that with the current actions and policies the planet is on track for 2.8C. The impacts have already been devastating for some countries. A June report by 55 vulnerable countries estimated their climate-linked losses over the last decade at $525 billion, totaling some 20 per cent of their combined GDP. It also suggests that the damage could surpass $580 billion a year by 2030.

World's poor countries are pushing for financial compensation from rich countries responsible for the most emissions. Nepal is one of the most vulnerable countries to climate change despite contributing negligible amount of carbon emissions to the atmosphere. Instead, its green cover has contributed to absorb carbon dioxide. Prepared to raise eight thematic issues, including climate change adaptation, losses and damage, climate finance, food security, indigenous people and agriculture, it is going to present mountain-related issues as its main agenda at the conference being held in Sharm el-Sheikh city of Egypt. 

For the past few years, our mountains are getting increasingly denuded of snow. Glacial melts are creating dangerous lakes up in the Himalayan mountains which, in the event of outburst, can cause massive devastation downstream. This has threatened not only our water supply, but also livelihoods and food security. The country is determined to raise the issue of providing US$100 billion every year from 2020 to 2025 as a goal of climate finance by developed countries. Rich countries should not shirk from availing this committed amount to ensure climate justice to the poor ones who are vulnerable as they lack adequate resources to fix the damage caused by global rise of temperatures.  Without this global fund, vulnerable countries cannot fix this grave problem on their own. All our progress, prosperity and technological prowess will bite the dust if the only known living planet earth is rendered uninhabitable.