FinMin Pun addresses V-20 meeting: ‘Nepal plays a minimal role in climate change, so it should get compensation’

Published On: April 18, 2024 04:20 PM NPT By: Republica  | @RepublicaNepal

WASHINGTON, April 18: Finance Minister Barshman Pun addressed the ministerial meeting of the V-20 group of countries, which are vulnerable to the impacts of climate change.

Pun, who arrived in the US to participate in the joint spring meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), addressed the 12th ministerial-level meeting of the V-20 held in Washington, DC.

In his address, Pun emphasized the need for the global community to acknowledge and address the challenges faced by developing nations like Nepal, which are highly susceptible to climate change.

He stressed the importance of a collective global commitment to mitigating climate risks, highlighting the disproportionate impact of climate change on Nepal's poor and marginalized populations. Pun emphasized that Nepal's contribution to climate change is minimal, yet its vulnerability is high.

Addressing the United Nations Conference on Climate Change (COP-28) held in Dubai, United Arab Emirates, last year, Prime Minister Pushpa Kamal Dahal recalled that even though Nepal's role in climate change was zero, it is at a high risk due to the negative effects of climate change.

Recalling Prime Minister Pushpa Kamal Dahal's remarks at COP-28 in Dubai last year, Finance Minister Pun reiterated that Nepal's role in climate change is zero. He voiced the Prime Minister's call for urgent financial and technical assistance from developed countries to address the significant risks posed by climate change.

"At the COP-28 meeting, our Prime Minister explicitly stated that Nepal plays a minimal role in climate change," Pun remarked. "I would like to echo our Prime Minister's sentiment here, emphasizing the urgent need for developed countries to provide financial and technical assistance to underdeveloped nations to cope with the risks posed by climate change," he said.

Minister Pun mentioned that he would strongly advocate for climate justice internationally, pushing for compensation to countries like Nepal for the adverse impacts of climate change.

He drew the attention of the world community to the rapid melting of snow in the mountains of Nepal due to climate change, the decrease in water flow in the rivers, the risk of explosion of glacier lakes, and the increase in disasters such as floods, landslides and drought due to problems such as lack of rain and excessive rain.

Minister Pun said that due to the natural disasters caused by climate change, not only the sustainable development efforts of the front line of development, but also human health and livelihood are in danger.

He mentioned that underdeveloped and mountainous countries like Nepal should have access to facilities such as the compensation fund, biodiversity fund and adaptation fund established for damages caused by climate change.

Minister Pun reminded that developed countries should be honest in their commitments to save the world from the effects of climate change.

The V-20 serves as a global voice advocating for climate risk reduction and increased financial support to address transitional challenges in the global economy resulting from climate change.

The ministerial meeting saw the participation of about 80 ministers including from the V-20 member states, along with high-ranking government officials, World Bank Group President Ajay Banga, and International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

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