Kathmandu, March 19

The United Nations Development Programme and the Ministry of Finance have signed a new project to support the Government of Nepal in strengthening its national capacities to access, manage, deploy and monitor climate finance received from the Green Climate Fund.

The project is part of a larger green climate fund readiness programme,with a total allocation of US$ 1.5 million that is being implemented in partnership with United Nations Environment Programme.

According to UNDP, the ‘Green Climate Fund Readiness Programme for Nepal’ funded by the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety will enable Nepal to effectively access funds from the GCF, the largest global climate financing mechanism.

An agreement to this effect was concluded yesterday. Developing countries like Nepal are eligible to access the fund to finance climate-related projects and initiatives.

However, this requires recipient countries to build strong institutional capacity to properly utilise the resources available. “Nepal is the fourth most vulnerable country in terms of climate-related risks and given the fact that Nepal has a large number of poor people depending on climate-sensitive natural resource-based agriculture, the risks of loss is even higher,” said UNDP Country Director Renaud Meyer.

“This project is expected to help Nepal effectively mobilise resources and respond to challenges presented by climate change.”

“The Government of Nepal is thankful to UNDP, the German government and partners for their continued support to Nepal’s development,” said Baikuntha Aryal, chief of the International Economic Cooperation Coordination Division at MoF.

“I am certain this project will help enhance Nepal’s institutional capacity in accessing the GCF.”