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Author(s): Aakriti Ghimire

Climate activists decry unwelcome moves in climate finance

Source(s): The Kathmandu Post
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On Monday, Nepal government signed an agreement with the World Bank for a USD 100 million (approximately 12.75 billion Nepali rupees) financing to help improve the enabling environment for Nepal’s green, resilient, and inclusive development (GRID) pathway.

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Climate activists, however, are infuriated at Nepal’s acceptance of the loan. Their biggest worry is that this regular aid could once again be simultaneously counted towards meeting both climate change obligations and development commitments, also known as double counting.

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Funds from the loan will only be used to implement the GRID approach, through a policy and institutional development approach, officials at the Ministry of Finance said.

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Some donors count most development aid or official development assistance, even when not primarily for “climate action” under climate finance. This allows the donors to get away with contributing less than their share of financial obligations. Climate finance experts say not only is it unfair towards vulnerable countries but also jeopardises both climate change and development commitments.

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Themes Governance Insurance and risk transfer
Country and region Nepal
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