ANTALYA, Nov 14: Nepal and the Republic of Korea have signed a cooperation framework agreement on climate change aimed at mobilizing carbon finance, reducing greenhouse gas emissions and strengthening climate cooperation between the two countries.
The agreement, reached under Article 6 of the Paris Agreement, is expected to create opportunities for cooperation in carbon markets, climate-friendly investment, technology transfer, climate adaptation and sustainable development.
Under the agreement, Nepal and South Korea will develop projects to reduce greenhouse gas emissions and facilitate the transfer of internationally recognized emission reduction outcomes. This is expected to help mobilize international carbon finance and attract public and private investment in climate adaptation and mitigation.
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Energy, transport, industry, buildings, waste management, agriculture and forestry have been identified as priority areas. Climate-friendly projects, expanded investment and the use of advanced technologies will be promoted in these sectors.
The agreement also provides for transparent accounting, monitoring, reporting and verification (MRV) of carbon emissions, along with adjustment mechanisms to prevent the double counting of emission reductions. These measures are expected to help maintain environmental integrity in carbon trading and support the implementation of international climate commitments.
The agreement is also expected to support Nepal’s Nationally Determined Contribution (NDC 3.0), strengthen climate resilience and contribute to the country’s goal of achieving net-zero greenhouse gas emissions by 2045.
A joint committee comprising government representatives from both countries will be formed to monitor implementation, approve joint action plans and oversee cooperation activities.
The Nepali government expressed confidence that the partnership would help mobilize climate finance, promote technology transfer and strengthen capacity building at a time when Nepal is facing increasing risks of floods and landslides and growing threats to mountainous regions due to climate change.
The agreement was signed by Dr Maheshwor Dhakal, joint secretary and focal person for the UN Framework Convention on Climate Change, on behalf of the Government of Nepal, and Jongho Kyun, ambassador for climate change and deputy minister of foreign affairs, on behalf of the Government of South Korea.
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