ANTALYA, Nov 11: The need to ensure grant-based and accessible climate finance for a just energy transition was stressed at the ongoing COP31.
The annual UN climate conference, COP31, is being held here this year.
Stakeholders and speakers underscored the need for grant-based and accessible climate finance at a programme titled 'From the Himalayas to the World: A Roadmap for a Just Transition from Fossil Fuels for Vulnerable Economies,' organized at the Nepal Pavilion on the sidelines of COP31 on Tuesday.
Undersecretary at the Ministry of Agriculture, Forest and Environment Dr Prakash Singh Thapa made a keynote presentation at the programme, where he stressed that economically and socially vulnerable communities, workers and countries at risk from climate change must not be left behind in the transition toward clean energy.
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Despite contributing less than 0.1 percent of global greenhouse gas emissions, Nepal is facing disproportionate impacts from climate change, including melting glaciers, flash floods, landslides and other climate-related hazards.
In his presentation, Dr Thapa highlighted how Nepal has been bearing the brunt of climate change in agriculture, ecotourism, construction and forestry, as well as in the livelihoods of workers.
He recalled the loss of life and property caused by the Bhotekoshi flood on August 26 and the damage caused to hydropower infrastructure. Fourteen hydropower projects were damaged, with an estimated US$4.7 billion required for reconstruction and rehabilitation.
Thapa also informed the global community that Nepal is committed to achieving net-zero greenhouse gas emissions by 2045 and has set a target of generating 28,500 MW of renewable energy by 2035.
It is estimated that US$73.74 billion will be required in the emissions reduction sector by 2035 to implement Nepal's Nationally Determined Contribution (NDC 3.0). Of this amount, 85 percent, or US$62.92 billion, will have to be raised through international assistance.
According to Thapa, Nepal's dependence on imported petroleum products has placed a huge financial burden on the country. Therefore, Nepal is advancing clean energy production and consumption, he added.
“Just transition is not only a process of moving from fossil fuels to renewable energy but also a process of ensuring employment, social security, decent work, gender equality and the economic rights of workers and communities affected by it,” the undersecretary underlined.
Other international speakers representing various areas of climate change also expressed the view that the energy transition should be addressed not only as an environmental concern but also as an economic, social and development issue.
