COP28: Financing Nepal's NDC Implementation Plan

The Government of Nepal (GoN) submitted its second Nationally Determined Contribution (NDC) to the United Nations Framework Convention on Climate Change (UNFCCC) in December 2020. The NDC defined quantified and policy-based mitigation targets, as well as adaptation priorities in critical sectors. GoN endorsed and submitted the Long-Term Strategy for Net-Zero Emissions (LTS) in October 2021. According to the LTS, Nepal's vision is to "minimize emissions and sustainably achieve net-zero emissions by 2045."The Cabinet of Nepal has endorsed the NDC Implementation Plan (NDCIP) which serves as a guiding policy, planning and monitoring document that facilitates to translate NDC targets into various courses ofaction. The total cost of NDC implementation for the public sector is estimated to be around USD 33Billion. As indicated in Nepal's Second NDC, approximately   USD 3.4 Billion required for the implementation of the unconditional hydroelectricity generation target will be mobilized from domestic resources. The remaining targets to reduce GHG emissions from various sectors are mostly conditional to adequate international support for climate finance, technology transfer and capacity building. 

Therefore, this event will focus on financing the activities proposed in Nepal’s NDCIP. It will include apresentation by MoFE on financing opportunities in Nepal’s NDC Implementation Plan. The presentation will be followed by a panel discussion on the financing opportunities with representatives of theGovernment of Nepal, NDC Partnership, Donor Institutions and Climate Finance Experts. It is expectedthat the event will support to scale up climate finance for Nepal’s NDCIP and help to achieve Nepal’s NDCtargets.

Objectives:

• Present the financing opportunities in Nepal’s NDC Implementation Plan.
• Conduct panel discussion on financing opportunities with representatives of the Government of Nepal, NDC Partnership, Donor Institutions and Climate Finance Experts