Prime Minister Pushpa Kamal Dahal has stressed the need for championing inclusive and sustainable global growth, in which the Global South receives a fair share to eradicate poverty and give their people a decent life.

He reaffirmed Nepal's commitment to multilateralism, with the United Nations at the centre. "Nonetheless, we believe that the existing global governance architecture needs a timely reform for making it relevant and reflective of today’s realities," Prime Minister Dahal said while virtually addressing from Kathmandu the Second Voice of Global South Summit with the theme 'Global South: Together for One Future' hosted by India on Friday. "At the same time, reform of the international financial architecture should be a top priority with full consideration to the voice of the countries in special situations, including LDCs, LLDCs and SIDS [small island developing states]."

Describing climate change as a grave threat to humanity, he said climate-vulnerable countries like Nepal have been bearing the burden of climate change. "The effect of climate change on the Himalayas has posed a severe threat to the lives and livelihoods of millions of people living in our region," Dahal said. "We all must commit ourselves to achieving the set ambitions in a time-bound manner."

He said that with full commitment to the effective implementation of the Paris Agreement, Nepal has set a target of reaching a net-zero emission by 2045 through, among other things, conserving and sustainably managing natural resources, undertaking effective adaptation and mitigation measures, and promoting a green, resilient and inclusive economy.

He stressed that easy access to climate finance was a prerequisite to a low-carbon and climate resilient development.

He was of the view that the developing countries especially the LDCs were the most affected ones by various crises caused by Covid pandemic, climate change, and deepening geo-political complexities. "They have impacts on food and nutrition, health and education, economy and environment, and peace and security," he added. "Rising food and energy prices, tightening financial conditions, and persistent cycles of vulnerabilities continue to add to their worries."

The prime minister called for an enhanced level of international support from the partners such as development assistance, foreign direct investment, trade facilitation, technology transfer and technical assistance.