Conservative projections estimate that climate-induced economic losses in developing countries will reach USD 290–580 billion annually by 2030, escalating to USD 1-1.7 trillion by 2050 (UNFCCC, 2023). The global north interprets the outcome of COP29 related to the New Collective Quantified Goal (NCQG), a tripling of finance for developing countries to at least USD 300 billion annually by 2035, as a significant increase from the previous goal of USD 100 billion. As leaders of the global south, we need to scrutinize this claim. Additionally, the NCQG also included a broader aspiration to mobilize USD 1.3 trillion in climate finance by 2035. Which is yet another aspect of climate finance in the world today that demands further evaluation. In both instances, the burden of debt subsequently created would negate the good and have a deeply negative impact on the lives and livelihoods of global south citizens. Climate Finance expands far beyond the NCQG, and transcends dollar amounts, no matter how substantial. Mechanisms for the gathering and operationalization of these funds should be intrinsically done in the spirit of Climate Justice and with transparency.

In a global context where non-debt creating funds for adapting to the climate crisis has failed to be raised and operationalized in a manner conducive to a dignified and habitable future for the global south, innovation, collaboration, and strategic interventions are our main tools. The time for scholars, governments, leaders, and advocates from the global south to take on a mantle of leadership to battle climate change and achieve sustainable development, is now.

Nepal’s leadership in this global context is substantial. The Government of Nepal plays a very crucial role as Co-Facilitator for the upcoming Fourth UN Conference on Financing for Development (UN FfD4) between June 30 – July 3. Nepal is also the current chair for the LDC Group of countries in the UN, and is poised to be the forthcoming Vice-President of the United Nations Economic and Social Council (ECOSOC) in 2026. This Sagarmatha Sambaad is a part of Nepal’s leadership profile in our global fight against the Climate Crisis, and promises to be a strong global platform for our shared goals.

Accordingly, we would like to propose that this dialogue session be focused on the theme: “Overcoming Financial Challenges to Climate Justice Action and Sustainable Development.” Our pool of experts and high level professionals from the Human Rights and International Development spaces will be able to contribute perspectives and ideas of ways forward on two critical processes – the Sagarmatha Dialogue, as well as the UN FfD4 process by reflecting on financial barriers and solutions to the inextricable goals of climate justice and sustainable development.

We propose six speakers from think tanks, academia, and international campaigns for Climate Justice and sustainable development, who will each take on different topics under the proposed theme. The speakers will be coming from various regions of the world and professional backgrounds. Each speaker will have 5 minutes to cover their topic. The following is a detailed breakdown of the program and proposed moderator and speakers.

• Moderator: Dr Bimala Rai Paudyal, Former Minister of Foreign Affairs
• Keynote: Lidy Nacpil – Coordinator of the Asian Peoples Movement on Debt and Development (APMDD)

Speakers:

1. Tasneem Essop – Executive Director of CAN International
2. Dhani Ram Sharma – Joint Secretary and Head of International Economic Cooperation Coordination Division of the Ministry of Finance, Nepal
3. Dereje Alemayehu – PhD in Economics from the Free University of Berlin
4. Lidy Nacpil – Coordinator of the Asian Peoples Movement on Debt and Development (APMDD)

Objectives of the Session:

• Bringing together high level government advisors, multilateral engagement experts, scholars, and advocacy leaders from across the globe to create a comprehensive dialog on cross-sectoral goals for justice in Climate Finance and sustainable development.
• Evaluating current frameworks, conventions, and their recent outcomes through a critical analysis lens.
• Identify key areas and methods for interventions and collaborations across the public, private, and CSO spectrum.
• Fostering collaboration across governments and institutions in the global south as a pathway to emergent leadership at the face of the climate crisis.