At the United Nations climate change conference in Egypt, the UK announced financial support for increasing the adaptation fund. At the 27th Climate Change Conference (COP-27) in Sharm El-Sheikh, Egypt on Sunday, the UK announced that it will contribute 1.5 billion pounds to the adaptation fund by 2025.
Developing countries including Nepal are excited by this announcement. British Prime Minister Rishi Sunak has announced that 1.5 billion pounds of financial assistance will be provided. This is the first announcement of climate finance commitments while underway at the 27th COP. Along with the commitment of financial support made by powerful countries like Britain in climate financial commitment, developing countries including Nepal have become hopeful that other countries will also make financial commitments in the coming days.
In a statement released by the UK government, it is said that the UK will continue to play a leading role in this mission, as it is now time for all countries to step up their action on climate change and deliver the necessary tangible changes. “The funding we have announced will help countries facing the devastating effects of climate change to effectively adapt.
The UK will support countries facing climate change-related disasters, provide the necessary investment to address climate-related disasters and adapt to the impacts of climate change," the statement said. Financial assistance will be provided to the countries.”
Dr. Buddhi Sagar Paudel, Head of the Climate Change Management Division under the Ministry of Forests and Environment, has made a positive comment saying that the UK's climate finance commitment for climate adaptation will create pressure on other countries to fulfill their commitments. "In the very first week of the start of the COP, the UK has announced its commitment to increase the amount of assistance in the Adaptation Fund. For other rich countries, pressure will be created for financial support. There has been a lot of enthusiasm for developing countries including Nepal," he said. "Commitment is not only a big thing, it is also important to implement the commitment made for climate finance support. We will continue to press for the implementation of such commitments made in the past.
Climate researcher Regan Sapkota also commented that the announcement of financial support by the UK is a good start. "It is said that the aid amount for 2024 will be kept in the Climate Adaptation Fund. This will help to fulfill our goal of doubling the amount of the adaptation fund by 2025," he said. "Slowly, other countries will also add funds to the adaptation fund. Developing countries such as Nepal, which are facing more climate risks, have less ability to raise the necessary investments to adapt to those risks. If the adaptation fund is increased, the way to solve these problems will be opened.
If the rich countries fail to increase their financial responsibility for climate adaptation, they are lobbying angrily saying that developing countries including Nepal will have to bear the impact of climate-related damages.
In last year's COP in Glasgow, there was a commitment to increase climate adaptation financial assistance from US$20 billion to US$40 billion by 2025. Developing countries including Nepal are creating pressure on rich countries to implement their commitments.
Developing countries have begun to pressurize the need to fulfill the financial commitments made by rich countries related to adaptation to climate change. Advocacy has started on the agenda of the need for a clear financial mechanism for climate adaptation, and the need to fulfill the commitment to double the adaptation assistance.
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