Statement delivered by H.E. Barshaman Pun, Minister of Finance, Nepal
V20 MINISTERIAL DIALOGUE XII
16 April 2024
Washington D.C., USA
H.E. Barshaman Pun, Minister of Finance, Nepal
Thank you, Chair. Hello, Ministers, representatives from MDBs, distinguished delegates, ladies and gentlemen, I’m honored to participate in the 12th V20 Ministerial Dialogue on behalf of the Government of Nepal. I extended my heartfelt appreciation to the Chair of the CVF V20 for your commendable leadership and to the organizers for their excellent arrangement of the dialogue.
This dialogue symbolizes our collective commitment to addressing the climate vulnerabilities confronting our global community including Nepal. Climate change disproportionately impacts highly vulnerable countries like Nepal, exhibiting the suffering of our poor and marginalized people every year. As you know, Nepal’s minimal contribution to each cause will bear a significant cost as articulated by our Prime Minister in COP28 last year in Dubai. Nepal strongly advocates for climate justice and urges developed economies to scale their support, focusing on tangible excellence and leverage financing facilities for adaptation and mitigation efforts. It is imperative that we unite and fulfill our commitments, ensure full-fledged operationalization of the Loss and Damage Fund, and offer fair compensation from developed to developing all on right ways approach.
Nepal faces recurring episodes of the catastrophes and disasters, notably the melting Himalayas and the escalating risks of glacial lake burst — outbursts. The frequency of glacial lake outbursts, floods, landslides, erratic rainfall and droughts is alarmingly increasing due to the effects of climate change. These climate disasters impede our development endeavors, lives, livelihoods and exacerbating health hazards. The stress on our fiscal spacing is evident as we are compelled to redirect resources from deployment activities to respond to these events, underscoring the disproportionate impact of climate change on our nation.
Internal resources alone are hugely insufficient to address such calamities, a reality that likely resonates with many countries represented here today. We urgently require global commitment and action on a significant scale to effectively address and reverse these adverse impacts. Developing countries like Nepal are looking for simplified and predictable access to climate finance, particularly in the form of grants and concessional terms. We stress the importance of translating commitments made in the COP series into tangible actions.
I commend the MDBs for their priority on green transitions mainly through mobilizing financing solutions and technical assistance. I’m happy to share that Nepal has adopted the Green, Resilient, Inclusive Development approach as a successful homegrown model for fostering participation and sustainability. Nepal’s priority full alliance — fully aligns with global challenge programs mobilizing global commitments in funding and facilities including Loss and Damage Funds, by the diversity funds and adaptation fund should be done in integrated focus and contextually relevant manner. MDBs play a crucial role in pooling such resources and integrating core project activities into pipeline projects enhancing resource efficiency.
In closing, I echo the message of our Prime Minister at COP28, emphasizing that least developed countries are disproportionately vulnerable to the impacts of climate change and urgently require financial and technological support. Let us realize this call and go for action.
Thank you. Thank you all.
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