Experts suggest clear policies for climate finance

 Kathmandu, Dec. 5

Lawmakers, climate experts, and representatives of various organisations who recently returned home from COP-29 have suggested that Nepal needs clear policies, strategies, and dedicated mechanisms to ensure the effective implementation of climate finance.

Speaking at a review meeting organised by the Development, Economic Affairs and Good Governance Committee under the National Assembly of the Federal Parliament on Thursday, they called for increased studies and research to document Nepal's losses and damages caused by climate change, which they argued is essential for compensation claims.

According to them, climate finance should be provided as grants, not loans.

They raise concerns that Nepal has not effectively highlighted its unique vulnerabilities, such as those related to its Himalayan ecosystems, in international forums.

Participants of the meeting also suggested that the government should prioritise preparing and training youth from now on to ensure meaningful participation in future COP conferences.

During the COP-29 conference, Nepal was represented by ministers, parliamentarians, climate experts, and representatives from various organisations. Participants acknowledged a global commitment from developed nations to provide US$300 billion annually to developing countries as a positive outcome but noted that this figure fell short of expectations. The initial demand from developing nations was $5 trillion annually, with a more realistic expectation of $1.3 trillion, which was not met, said Dr. Anjan Shakya, Chairperson of the committee.

"The agreement on $300 billion can be seen as progress, albeit limited. Integrating loss and damage into the new climate finance targets is a step forward, but a stronger negotiating presence could have achieved more," she said.

The meeting saw participation from members of parliament, former diplomats, UNDP representatives, and heads of organisations such as the Federation of Community Forestry Users Nepal, Nepal Rural Reconstruction Organisation, Youth Alliance for Environment, International Water Management Institute, Climate and Disaster Programme, Nepali Youth for Climate Action, and the Nepal Water Conservation Foundation, among others.

Participants highlighted that Nepal has faced significant climate-induced disasters, including landslides, droughts, erratic floods, and the drying up of water sources, yet lacks sufficient data to quantify the associated losses. They urged the government to establish systems for comprehensive research and documentation.

Despite Nepal's minimal contribution to global greenhouse gas emissions, the country continues to suffer disproportionate losses due to rising global temperatures. Representatives stressed that compensation mechanisms should ensure that affected countries receive adequate and timely support.

Former Ambassador of Nepal to the USA and climate expert Dr. Arjun Karki expressed concern over Nepal's limited effectiveness in international climate negotiations. He called for the government and parliament to focus on climate diplomacy, international relations, and economic cooperation.

 Published in The Rising Nepal daily on 6 December 2024.