FinMin Paudel calls for simplifying global climate finance systems

NEW YORK, OCTOBER 24: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has urged the global community to simplify and improve access to financial mechanisms designed to mobilize climate finance. Speaking at a high-level ministerial meeting during the annual gatherings of the World Bank Group and the International Monetary Fund, Paudel emphasized the need for development partners and the international community to act responsibly and sensitively toward climate justice.

He highlighted that, although Nepal is rich in unique biodiversity, it has been facing more frequent natural disasters due to human-induced causes. "Managing financial resources to address these challenges has become increasingly difficult." Paudel also pointed out that, despite Nepal’s minimal contribution to global climate change, the country is suffering significant negative impacts.

The minister noted that the government has been spending an average of $50 million annually over the last five years on biodiversity conservation. However, he stressed the need for additional financial support to sustain these efforts and urged development partners and global environmental funds to streamline their funding processes.

Paudel also emphasized the importance of channeling international aid through Nepal's national budget system to ensure transparency and accountability. Additionally, he called on the global community to effectively implement the loss and damage compensation fund, which was established to promote climate justice.