Nepal Emerges as Crucial Water Source for Over One Billion People, says FM Dr. Prakash Sharan Mahat

Finance Minister Dr. Prakash Sharan Mahat highlighted Nepal’s pivotal role as a water source for more than one billion people in South Asia during his address at the 7th assembly of the Global Environment Facility held in Canada.

Minister Dr. Mahat underscored that Nepal, with 45 percent forest coverage across its total land area, plays a critical role in providing a fresh supply of oxygen for human consumption. He emphasized that Nepal’s efforts in biodiversity and environment conservation have borne fruit, leading to a growth in the population of endangered wildlife such as tigers and rhinos.

The finance minister brought to light the fact that Nepal remains one of the ten countries most vulnerable to climate change, grappling with increasing erratic weather patterns, droughts, landslides, and sporadic rainfall. He expressed concern over the projected rise in temperatures between 0.5 to 2 degrees Celsius by 2030 compared to the pre-industrial period. To confront this challenge, Nepal would require approximately 50 billion US dollars by 2050 to mitigate the losses and damages caused by the temperature surge.

Dr. Mahat highlighted the importance of effective implementation of climate finance programs, emphasizing the need to utilize resources from the New Global Biodiversity Framework Fund (GBFF) for the benefit of vulnerable countries. He stressed that integrated and holistic programs are essential for meaningful change.

Throughout the assembly, Minister Mahat held bilateral discussions with the chiefs and representatives of various international organizations. He acknowledged Nepal’s efforts in biodiversity, environment, and wildlife conservation and received praise for the government’s commitment to these endeavors.

Among the discussions, Minister Mahat highlighted the increasing instances of human-wildlife conflict in Nepal and urged international organizations to assist in the construction of wildlife-friendly infrastructures, provide risk insurance to communities affected by such conflicts, and promote self-employment programs. He requested additional financial resources for the development of green infrastructures, skills enhancement for human resources involved in conservation, and capacity building in environment and wildlife efforts.

The Global Environment Facility assembly was attended by ministers from 83 countries and stakeholders and representatives from 185 countries.