KATHMANDU: Stakeholders at the Sagarmatha Sambaad have stressed the urgent need to implement international climate finance commitments, warning that failure to do so will undermine efforts to combat the climate crisis.
Speaking during a session titled “Facing Financial Challenges for Climate Justice and Sustainable Development” on the final day of the dialogue that began Friday in Kathmandu, participants highlighted that without actual delivery on climate finance pledges, investments needed to address climate challenges will remain insufficient, exacerbating global climate risks.
Dhaniram Sharma, Joint Secretary at Nepal’s Ministry of Finance and head of the International Economic Cooperation Coordination Division, underlined the importance of fair and transparent implementation of financial commitments.
“Nepal has been playing a leading role on the global stage for climate justice,” he said. “The Sagarmatha Sambaad is a significant platform that Nepal offers to the world for forging collective solutions to the climate crisis.”
Tasnim Esop, Executive Director of Climate Action Network International (CAN International), emphasized aligning climate finance with sustainable development goals while tackling the financial hurdles in climate action.
Economist Dereje pointed to financial scarcity as the primary obstacle in responding effectively to the climate emergency.
Lidy Nacpil, Coordinator of the Asian Peoples’ Movement on Debt and Development (APMDD), warned that if urgent financial solutions are not provided, the damages from climate-induced disasters will increase globally. She reiterated the need to fulfill climate finance commitments to ensure justice for the countries most affected.
The session was moderated by former Foreign Minister Dr. Bimala Rai Paudyal.
According to the United Nations Framework Convention on Climate Change (UNFCCC) 2023 report, the annual economic damage in developing countries caused by climate change is projected to reach between USD 290 billion and USD 580 billion by 2030. This figure is expected to rise to between USD 1 trillion and USD 1.7 trillion by 2050.
In line with the financial targets adopted at COP29, at least USD 300 billion per year in climate finance has been pledged for developing countries by 2035.
This session of the Sagarmatha Sambaad aimed to bring together representatives from government, multilateral institutions, academia, and civil society to discuss equitable climate finance and the achievement of sustainable development goals.
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