Sagarmatha Sambaad: Implementation of climate finance commitments stressed

Kathmandu, May 18: Stakeholders have emphasized the need for the implementation of international climate-related financial commitments.    
They were speaking in a session 'Facing Financial Challenges for Climate Justice and Sustainable Development' today on the last day of the Sagarmatha Sambaad that began in Kathmandu on Friday.    

The participants in the discussion expressed the view that without the implementation of climate finance commitments, there will be a lack of investment for addressing climate-related crises and the climate crisis will escalate.    

The Joint Secretary at the Ministry of Finance and head of the International Economic Cooperation Coordination Branch, Dhaniram Sharma, emphasized the need to implement financial commitments, ensuring that the implementation process is transparent and fair.    

"Nepal has been playing important leadership role in the international arena for climate justice. The Sagarmatha Sambaad is another important platform that Nepal presents to the world, which can guide collective solutions to the climate crisis,” he said.    

Tasnim Isop, Executive Director of Climate Action Network International (CAN International), emphasized the need to focus on implementing sustainable development goals while addressing the financial challenges for climate justice.    

Economist Dereje stated that financial scarcity is currently the main problem in fighting the climate crisis.    

Coordinator of the Asian Peoples Movement on Debt and Development (APMDD), Lidy Nacpil, stated that if timely solutions are not found for climate-related crises, the

damages caused by climate conditions will increase globally, emphasizing the need to fulfill financial commitments and provide climate justice to affected countries.    
Former Foreign Affairs Minister Dr Bimala Rai Paudyal facilitated the session.    

According to the United Nations Framework Convention on Climate Change 2023, it is estimated that by 2030, the economic damage caused by climate change in developing countries will reach between 290 to 580 billion US dollars annually.    

By the year 2050, this figure is projected to be between 1 to 1.7 trillion US dollars.    

According to the new financial targets set by the COP-29 decisions on climate finance, it has been announced that at least 300 billion dollars of financial assistance will be ensured annually for developing nations by the year 2035.    

This session of the Sagarmatha Sambaad was organized with the objective of bringing the government, multilateral institutions, academics, and leaders working in the fields of human rights and development together on a single platform to discuss on equitable climate finance and sustainable development goals. (RSS)