Kathmandu, Nepal | Ecosphere News
A new regional initiative aimed at strengthening climate resilience and improving access to climate finance for vulnerable and marginalized communities has been launched in Nepal as part of a broader Asia-Pacific collaboration.
The Inclusive Climate Finance for Vulnerable Communities in Asia-Pacific (ICCAP) project seeks to enhance access to financial resources that support climate adaptation while strengthening national climate finance systems. The five-year initiative will be implemented across six countries-Nepal, Bangladesh, Bhutan, Cambodia, Fiji, and Laos-and is led by the Asia-Pacific Rural and Agricultural Credit Association (APRACA) in partnership with the Stockholm Environment Institute (SEI) and ADA, with financial support from the German Government's International Climate Initiative (IKI).
Speaking at a multi-stakeholder event in Kathmandu, Dr. Rajendra Prasad Mishra, Secretary at the Ministry of Agriculture and Livestock Development, said the project is expected to help bridge the financing gap faced by communities that are highly vulnerable to climate change. He emphasized that the initiative will contribute to strengthening climate finance policies, enhancing the capacity of financial service providers, promoting investments in climate adaptation, and ensuring gender equality and social inclusion.
According to the ministry, the project is also expected to support institutional capacity building, policy reforms, technological innovation, and the development of new mechanisms to channel climate finance to communities most affected by climate change. These efforts are intended to improve Nepal's long-term climate resilience while promoting inclusive and sustainable development.
APRACA Secretary General Dr. Prasun Kumar Das highlighted the importance of translating global climate commitments into tangible local action through inclusive climate finance. He said Nepal has been identified as one of the project's priority countries, where the initiative will work to expand access to climate finance for vulnerable households, particularly women and marginalized communities.
The project will be implemented in Nepal through three selected financial institutions over a five-year period in collaboration with the Government of Nepal. Its major areas of focus include strengthening national climate finance policies, developing green financial products, creating innovative climate adaptation financing instruments, establishing local multi-stakeholder Action Labs, and mainstreaming gender equality and social inclusion throughout all project activities.
The initiative is expected to directly benefit around 14,000 families across the six participating countries. Nepal's Ministry of Finance serves as the national focal point for the project, which aims to strengthen the country's climate finance architecture while improving the adaptive capacity of communities most exposed to climate risks.
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