Climate Finance Commitments Must Be Fulfilled to Tackle Global Crisis, Say Experts at Sagarmatha Sambaad

Speakers at the final day of the Sagarmatha Sambaad in Kathmandu stressed the urgent need for the implementation of international climate finance commitments, warning that failure to act will exacerbate the global climate crisis and leave vulnerable countries without the necessary resources to adapt.

During a session titled “Facing Financial Challenges for Climate Justice and Sustainable Development”, participants highlighted the widening gap between climate pledges and actual financial support. They argued that without timely and equitable delivery of climate finance, efforts to mitigate environmental damage and advance sustainable development would be severely undermined.

Dhaniram Sharma, Joint Secretary at Nepal’s Ministry of Finance and head of the International Economic Cooperation Coordination Branch, emphasized that fulfilling financial commitments is critical, and the implementation process must be transparent and just. He also underlined Nepal’s growing leadership in advocating for climate justice on the global stage, citing the Sagarmatha Sambaad as a significant platform for promoting collective solutions.

Tasnim Isop, Executive Director of Climate Action Network International, called for aligning financial strategies with the Sustainable Development Goals, noting that equitable finance remains the cornerstone of climate justice.

Economist Dereje pointed to the ongoing shortage of funding as a central barrier to effective climate action, while Lidy Nacpil, Coordinator of the Asian Peoples Movement on Debt and Development, warned that failure to meet financial obligations would result in rising climate-related damages globally. She underscored the moral and political imperative to deliver justice to the countries most affected by climate change.

The session was moderated by former Foreign Minister Dr. Bimala Rai Paudyal, who facilitated the discussion among representatives from government, multilateral institutions, academia, and civil society.

According to the UN Framework Convention on Climate Change (2023), developing nations could face annual climate-related economic losses of USD 290 to 580 billion by 2030, with that figure projected to rise to between USD 1 trillion and 1.7 trillion by 2050.

In response, COP-29 has set a target to mobilize at least USD 300 billion annually in climate finance for developing countries by 2035.

The Sagarmatha Sambaad session aimed to build consensus among stakeholders on the need for equitable climate finance, while fostering collaboration across sectors to support sustainable and inclusive development.