One of the main topics of the Everest Dialogue, which the government is planning to hold next May with the slogan 'Climate Change: The Future of Himalayas and Humanity', is Green Economy. A green economy is a balanced economic system between environmental protection, social inclusion and sustainable economic development.

It envisions a clean energy-friendly economy away from fossil fuels. Conscious use of natural resources like water, forests, mines are the conditions for this.

Since Nepal is highly vulnerable to climate-related disasters due to its geographical diversity and topography, if Nepal is to adopt a climate-friendly development system, it is necessary to develop the green economy as its backbone. But if the principles of justice and balance are not adopted in international cooperation, there is a danger that the risk of new type of climate debt may increase in the name of green economy for countries like Nepal. 

During industrialization, rich countries emitted excessive carbon into the environment and caused the climate crisis. In NDC III, Nepal aims to reduce carbon emissions to zero by 2045. While China, which is the number one country in the world in terms of carbon emissions, has set a target of 2060 and India, the third, has set a target of 2070.

The developed countries are not ready to reduce carbon emissions even though the temperature of the earth has increased and a new record has been established. They are now forcing poor countries that are forced to bear the impact of the climate crisis to reduce emissions in the name of green economy. They pressurize to adopt green technology and for that a situation has been created to take loans.

grant or loan?

It is important to focus on how to attract national and international investment in green projects. Green bonds, carbon finance and climate funds should also be used. In the context of the fact that the main donor of the Everest dialogue is a multinational company, doubts have arisen whether the agreement on climate debt will be made again in the name of green economy. The government should be sensitive to this. Taking loans from multinational companies in the name of becoming a 'role model of green economy' cannot be considered correct in any way. 

Poor countries should receive grants, not loans, to mitigate the effects of climate change through damage and loss funds. Because the poor countries are suffering from the environmental destruction caused by the rich countries for rapid industrialization and development.

Therefore, the money for that is within the right of the poor countries to receive as grants. But the World Bank is burdening poor countries with loans for climate action and disaster management in the name of GRID (Green, Flexible and Inclusive Development). The World Bank has succeeded in establishing its strategy in the context of Nepal. 

whose agenda?

Although the green economy is understood as a blueprint for economic growth that promotes human well-being and social equality while reducing environmental risks and ecological damage, it is the agenda of rich (developed) countries. Carbon markets and green bonds have been developed by companies and states in rich countries. Although this concept was discussed in the 1980s, the United Nations Environment Program (UNEP) launched a theoretical concept in 2008.

In this concept called 'Global Green New Deal', UNEP proposed that the world should increase investment in climate-friendly projects, renewable energy, green infrastructure and sustainable agriculture for economic reform. Its message was to make environmentally friendly investments to get out of the economic recession. This was only practical for financially and technologically advanced nations.

Established in 1961 to promote economic growth, trade and social development, the organization currently has 38 rich and high-income countries as members. The concept was originated and spearheaded by them. The policy-making process, financial structure and conditions were designed in their conformity and guidance. Although those countries pledged to provide 100 billion dollars in annual climate finance in 2009, it has not yet been implemented. Developing countries are still forced to take loans instead of grants. 

While the need for green investment for economic recovery after the global economic recession is being debated, the 2012 Rio Plus Twenty conference officially recognized it as a 'means to achieve sustainable development'. Rich countries have taken the lead in creating green economy policies because they can invest heavily in climate change, pollution control and green technology development.

African and South Asian countries criticized the Rio conference saying that the 'green economy' will become a means of creating new conditions and pressures for developing countries. Similarly, the G77 Plus China group expressed suspicion that the policies would be imposed but not given the same resources. This agenda has now become a common need for everyone in the context of the climate crisis, as it provides a practical solution to the dilemma between development and the environment. 

risk of rising debt 

A country like Nepal, which is at high risk of climate-related disasters, can be helped by the green economy to increase environmental resilience. As an economy based on natural resources, green economy ensures sustainable use of resources such as agriculture, forestry, water, tourism and hydropower, and can be benefited through organic farming, community-based forest management, eco-tourism and promotion of renewable energy.

Through the green economy, grants can be taken from the Green Climate Fund, Adaptation Fund, Loss and Damage Fund. But for that, the government needs to create a clear retention project and increase its spending capacity. It is necessary to analyze the ability of the government to spend in the case that many budgets that came from climate action have returned without being able to spend.