Sagarmatha Sambaad: Stakeholders call for implementation of int'l climate finance commitments

KATHMANDU: Stakeholders have emphasised the need for the implementation of international climate-related financial commitments.

They spoke at the session "Facing Financial Challenges for Climate Justice and Sustainable Development" today, on the final day of the Sagarmatha Sambaad, which began in Kathmandu on Friday.

Participants in the discussion warned that without the implementation of climate finance commitments, investment in addressing climate-related crises would remain insufficient, leading to an escalation of the climate crisis.

Dhaniram Sharma, Joint Secretary at the Ministry of Finance and Head of the International Economic Cooperation Coordination Branch, stressed the need to fulfil financial commitments while ensuring transparency and fairness in the implementation process.

Sharma stated that Nepal has played an important leadership role in the international arena for climate justice. He added that the Sagarmatha Sambaad serves as an important platform Nepal offers to the world, helping to guide collective solutions to the climate crisis.

Tasnim Isop, Executive Director of Climate Action Network International, emphasised the importance of implementing sustainable development goals (SDGs) while addressing the financial challenges of climate justice.

Economist Dereje noted that financial scarcity remains the primary obstacle in combating the climate crisis.

Lidy Nacpil, Coordinator of the Asian Peoples Movement on Debt and Development, warned that if timely solutions are not found for climate-related crises, the damages caused by climate conditions will continue to rise globally. She stressed the importance of fulfilling financial commitments to ensure climate justice for affected countries.

Former Foreign Affairs Minister Dr Bimala Rai Paudyal facilitated the session.

According to the United Nations Framework Convention on Climate Change 2023, the economic damage caused by climate change in developing countries is projected to reach between $290 billion and $580 billion annually by 2030.

By 2050, this figure is expected to rise to between $1 trillion and $1.7 trillion.

Under the new financial targets set by the COP29 decisions on climate finance, at least $300 billion in financial assistance has been pledged annually for developing nations by 2035.

This session of the Sagarmatha Sambaad was organised to bring together government representatives, multilateral institutions, academics, and leaders from the fields of human rights and development on a single platform to discuss equitable climate finance and SDGs.

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