Kathmandu, 25 Aug : Minister for Energy, Water Resources and Irrigation Pampha Bhusal has underscored the need of collective efforts to create more avenues for unlocking climate finance for green grid investments.
She said this while addressing by virtual means the session ‘Unlocking climate finance for green grid investments’ under the forum, “Towards COP 27: Regional Forums on Climate Initiatives to Finance Climate Action and SDGs”, held in Bangkok, the capital of Thailand, today. The forum is organized by the United Nations Economic Commission for Asia and the Pacific and the United Nations High-Level Climate Champions for COP26 and COP27.
Minister for Energy Bhusal said that the set of principles for unlocking climate finance for grids developed under the Green Grids Initiative “One Sun, One World, One Grid”, launched at COP26, needs wider dissemination and it is important to build capacity of countries like Nepal in the design and development of transmission and distribution infrastructures.
As the Minister shared on the occasion, in addition, the financing gap needs to be fulfilled to ensure that the transmission projects adhere to the principle of climate compatible grid investments. Hydropower in Nepal has the potential for nationwide electrification along with possibility of cross border electricity trade. Cross Border Energy Trade can have a massive impact in clean energy transition in South Asia, she said. “Nepal is among the most vulnerable nations to climate change with the country’s delicate topography, climate-sensitive livelihoods of the people and their limited adaptive capacity.
As a Least Developed Country (LDC) with an insignificant contribution to past and current global emissions, we recognize that, to meet the 1.5°C temperature goal, all countries need to undertake ambitious mitigation actions,” Minister Bhusal said. Stating that as Nepal aim to move forward, it is crucial to recognize the pathway that will ensure a sustainable transition and Nepal’s Second Nationally Determined Contribution (NDC), 2020 has adopted ambitious targets for the next decade to mitigate emissions and increase resilience of vulnerable communities to adapt to the impacts of climate change.
