Prioritise Nepal for adaptation funds, says Finance Minister Pun

KATHMANDU: Finance Minister Barsha Man Pun has stated that underdeveloped and Himalayan nations, such as Nepal, should be given priority access to compensation, biodiversity, and adaptation funds established to address the damages caused by climate change.

Minister Pun also urged developed countries to honour their commitments and work diligently to protect the world from the effects of climate change. He called on the global community to recognise and address the challenges faced by developing countries like Nepal, which are at significant risk from climate change.

Speaking at the 12th Ministerial Dialogue of the V20 Finance Ministers (a group of vulnerable twenty (V20) countries at risk due to the effects of climate change) in Washington, DC, USA on Wednesday, Minister Pun emphasised the need for a global collective commitment to mitigate the risks associated with climate change, according to the Nepali Embassy in Washington DC.

The Finance Minister highlighted the plight of the poor and marginalised populations in Nepal who are suffering from the effects of climate change. He also drew attention to the alarming impact of climate change on Nepal’s environment, such as the rapid melting of snow in the Himalayas, decreased water flow in glaciers, and increased risk of glacial lake outburst floods.

Other problems, such as irregular rainfall patterns, floods, landslides, and droughts, are intensifying.

Furthermore, Minister Pun noted that natural disasters resulting from climate change threaten sustainable development efforts, human health, and livelihoods.

Minister Pun stressed the importance of developed nations providing financial assistance for climate adaptation programmes in third-world countries like Nepal, which face high risks despite contributing minimally to climate change.

Finance Minister Pun’s visit to the United States also included participation in the joint spring meeting of the World Bank Group and the International Monetary Fund.

The principal forum of the Finance Ministers of the Climate Vulnerable Forum (V20 Finance Ministers) was co-hosted by the World Bank alongside the World Bank and IMF Spring Meetings. This high-level dialogue, chaired by the Finance Minister of Ghana (V20 Chair), included invited partners such as international organisations, the G7, G20, and G24. The dialogue aimed to address key concerns on climate change, particularly finance for climate action and areas of opportunity for collaboration and development in V20 member economies. The high-level dialogue resulted in a Communique that encapsulated a call to action on new investment, debt solutions, and other macro-critical concerns to promote sustainable development, debt sustainability, and prosperity through climate action in V20 member states.

(With inputs from RSS)