Prioritize Nepal for adaptation funds, says Finance Minister Pun

Kathmandu, April 18: Finance Minister Barshaman Pun has said that underdeveloped and Himalayan nations like Nepal should be prioritized for access to compensation, biodiversity, and adaptation funds established to address the damages caused by climate change.

He also urged developed countries to uphold their commitments and work earnestly to protect the world from the effects of climate change, while calling on the global community to recognize and address the challenges faced by developing countries, such as Nepal, which face significant risks from climate change.

Speaking at the 12th ministerial meeting of the V-20 (a group of countries at risk due to the effects of climate change) in Washington, DC, USA on Wednesday, Minister Pun emphasized the need for global collective commitment to mitigate the risks associated with climate change, according to the Nepali Embassy in Washington DC.

Pun highlighted the plight of the poor and marginalized 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 like irregular rainfall patterns, floods, landslides, and droughts are intensifying.Moreover, Minister Pun noted that natural disasters resulting from climate change threaten sustainable development efforts, human health, and livelihoods.

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

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 V-20 is a body advocating for reducing the risk of climate change and increasing financial support to manage the global economic transition resulting from climate change.