KATHMANDU, JANUARY 24
Nepal has become the first South Asian country to sign an agreement with the LEAF (Lowering Emissions by Accelerating Forest Finance) Coalition, securing up to USD 55 million in climate finance for forest conservation.
With the agreement, Nepal is also the first Asian country to access climate finance through the LEAF Coalition, a global public-private initiative involving more than 30 multinational companies and the governments of Norway, the United Kingdom, the United States and South Korea.
The Ministry of Forests and Environment signed the agreement on Friday, reaffirming Nepal's commitment to reducing greenhouse gas emissions through jurisdictional REDD+ programmes. Nepal is the first government to offer "correspondingly adjusted" carbon credits to private-sector buyers under the LEAF framework, enabling their use in compliance mechanisms such as the Singapore Carbon Tax and CORSIA.
Up to 25 percent of the credits will carry corresponding adjustments. The funding will support Nepal's goal of maintaining 45 percent forest cover by 2030 and achieving net-zero emissions by 2050, while strengthening the country's community forestry system benefiting over three million households.
(With inputs from RSS)