The Ministry of Finance claims that $121.12 billion is needed to mitigate the impact of climate change on Nepal.
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Nepal has so far received US$407.1 million (approximately Rs. 58 billion) in assistance through various climate funds to mitigate the impacts of climate change.
Nepal has so far received 49 projects from the amount received through various climate funds.
Nepal has been receiving financial assistance through bilateral assistance, the Green Climate Fund (GCF) established by multilateral development banks, and the United Nations Framework Convention on Climate Change (UNFCCC) to mitigate the effects of climate change.
Nepal has so far received $407.1 million from the GCF, $148.3 million from the Global Environment Facility (GEF), $95 million from the Adaptation Fund, and $153 million from the Climate Investment Fund, according to the Ministry of Finance.
According to the Ministry of Finance, $121.12 billion is required to mitigate the effects of climate change in Nepal. Of this amount, the government plans to raise $12.32 billion from internal sources and $108.83 billion from external sources. So far, the amount received by Nepal under this heading is less than one percent of the total required amount.
Nepal is also not immune to the effects of climate change worldwide. Nepal's contribution to greenhouse gas emissions is negligible, but the impact of climate change is significant. Experts say that the Himalayan region of Nepal has been more affected by global warming due to climate change. This has led to changes in rainfall, drought and desertification, reduced agricultural production and food security, and energy production, health problems, and increased infrastructure construction costs.
Various efforts have been made worldwide to address climate change. According to which, the United Nations Framework Convention on Climate Change (1992), the Kyoto Protocol (1997), and the Paris Agreement 2015 (which states that the global temperature should not rise by 2 degrees and should be kept to 1.5 degrees) have been adopted.
The Conference of the Parties (COP) is held every year. In which it has been committed to increasing the amount of climate finance to $ 300 billion annually by 2035. Funds such as the Green Climate Fund, the Global Environment Facility, and the Adaptation Fund have been established for climate finance.
