US President Trump’s announcement to withdraw from the Paris Agreement, a challenge in the implementation of climate finance

Kathmandu. US President Donald Trump has announced that he will withdraw from the Paris Agreement.

Trump, who entered the White House for the second term after taking the oath on Monday, has announced that he will withdraw from the Paris Agreement with the oath. Stakeholders have expressed concern after his announcement. Concerns have been expressed that this will be a challenge in the implementation of finance to prevent climate change.

Stakeholders have expressed concern that the withdrawal of the United States from the Paris Agreement will add challenges to the implementation of the goals taken in relation to carbon emission reduction. If the agreement is not implemented, the goal of limiting the global temperature increase to 1.5 degrees Celsius will be added to the challenge.

The main negotiators of the Paris Agreement were Americans. The agreement was signed in 2015 during the Barack Obama administration. President Trump first announced in 2017 that the United States would withdraw from the Paris Agreement when he was president. However, the withdrawal announcement was not implemented after Joe Biden won the election. On his first day in office, Joe Biden announced that he would rejoin the Paris Agreement. Last December, the United States set a target of reducing climate pollution by 66 percent compared to 2005 levels by 2035.

The 29th Summit of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) was held in Baku, Azerbaijan, from November 11 to 15. The agreement on the New Climate Finance Goal (NCGF) was seen as an achievement in the COP negotiation process. The agreement to provide up to $300 billion annually by developed countries to developing countries was analyzed as the main positive achievement of COP. However, the demand of developing countries was $1.3 trillion annually.

LDCs, a group of least developed countries, expressed their dissatisfaction with the commitment of rich countries to provide very little climate finance according to the demand, saying that the results of the COP were not satisfactory. The $300 billion pledged at COP-29 has not been made available, creating a challenge in the implementation of NCGF.

If the Paris Agreement to limit global warming is not implemented, there is a risk that the mountain regions will be further affected and the rate of melting of snow from the mountains will increase. If the US withdraws from the agreement, it will be difficult to meet the goal of limiting global warming.

A research by the Asian Development Bank (ADB) has shown that the impact of climate change could reduce the gross domestic product (GDP) in developing Asia and the Pacific region by 17 percent by 2070. According to a study by the International Center for Integrated Mountain Development (ISMOD), the impact of climate change in the Hindu Kush Himalaya region is three times more than the world average. Agency