Finance Minister Barshaman Pun has emphasised the urgent need for the global community to recognise and address the challenges confronting developing nations like Nepal, which are disproportionately affected by climate change.

Pun underscored the plight of Nepal’s impoverished and marginalised communities, bearing the brunt of climate change while addressing the 12th ministerial meeting of the V-20 (a group of countries at risk due to the effects of climate change) in Washington DC, the US.

He drew attention to the alarming environmental repercussions, including accelerated snowmelt in the Himalayas, dwindling glacier water flow and heightened risks of glacial lake outburst, his secretariat said.

Minister Pun stressed the necessity for developed economies to extend financial aid for climate adaptation initiatives to least developed countries like Nepal. Despite playing a minimal role in causing climate change, these nations face significant risks and require support to mitigate its impacts, he said.

“At COP-28, my Prime Minister explicitly stated that Nepal bears minimal responsibility for climate change,” Minister Pun said. “I echo our Prime Minister’s message here: least developed countries urgently require financial and technical assistance from developed nations.”

Moreover, Minister Pun highlighted that natural disasters exacerbated by climate change pose significant threats to sustainable development endeavours, human health, and livelihoods.

The minister departed for the US on Monday to attend a joint meeting of the World Bank and the International Monetary Fund.

The V-20 is a body advocating for reducing the risk of climate change and increasing financial support to manage the global economic transition resulting from climate change.