'Grant-based climate finance imperative for just energy transition'
Summary
Nepal has called for grant-based and accessible climate finance to support a just energy transition at COP31 in Antalya. Officials said the country needs major international support to meet its emission-cutting goals and rebuild climate-damaged hydropower infrastructure.
Key Points
- Grant-based and accessible climate finance was emphasized at a COP31 event organized at the Nepal Pavilion in Antalya.
- Dr. Prakash Singh Thapa said Nepal faces severe climate impacts despite contributing less than 0.1 percent of global greenhouse gas emissions.
- Nepal said 14 hydropower projects were damaged in the Bhotekoshi flood, with reconstruction and rehabilitation needs estimated at US$4.7 billion.
- The country aims for net-zero emissions by 2045 and 28,500 MW of renewable energy by 2035, while much of the funding for NDC 3.0 must come from international assistance.
