Finance Minister Swarnim Wagle returned to Nepal after attending high level climate finance sessions at the 31st Conference of Parties (COP31) of the United Nations Framework Convention on Climate Change (UNFCCC).
Wagle departed on November 9 for the international climate change conference in Türkiye, where he participated in six high level sessions focused on climate change, sustainable economic development, and climate finance.
The conference ran from November 9 to November 20.
Finance Minister Advocates for Special Climate Finance
During a program at the Nepal Pavilion on November 11, Wagle addressed the financial challenges Nepal faces due to climate disasters.
He emphasized the need for international support for vulnerable nations through a special package that includes grants, low interest loans, and debt relief.
Nepal’s Financial Struggles from Climate Disasters
Wagle noted that the government had to reduce funding in other development and social sectors to allocate resources for relief operations.
He stated, “The disaster has affected essential sectors like schools, hospitals, and social security.”
Despite these challenges, he mentioned that Nepal has received international assistance following recent disasters from countries such as India, China, the UK, the US, the EU, and several Middle Eastern nations.
Nepal Urges Greater Access to Loss and Damage Funding
Wagle highlighted the significance of international climate finance, particularly the UN Loss and Damage Fund.
“We have secured nearly US$20 million in grants from the Loss and Damage Fund. While this is encouraging, we require much more funding,” he said.
Nepal continues to seek increased access to climate finance to help developing countries address climate related losses.
Wagle’s participation in COP31 aims to raise awareness of Nepal’s financial challenges linked to climate change and its development hurdles.