$12 Trillion Needed to Save Hindu Kush Himalayas from Climate Catastrophe: Report
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A new report by the International Centre for Integrated Mountain Development (ICIMOD) has sounded the alarm on the massive funding required to protect the Hindu Kush Himalayan (HKH) region from the devastating impacts of climate change. The region, home to over 1 billion people, faces a staggering $12.065 trillion funding gap from 2020 to 2050, equivalent to an annual average of $768.68 billion. The HKH region, which spans across eight countries including India, China, Nepal, Bhutan, Bangladesh, Afghanistan, Myanmar, and Pakistan, is one of the most climate-vulnerable regions in the world. The report highlights the disproportionate impact of climate change on these countries, with India and China accounting for over 92% of the funding needs. The report's authors warn that the region is facing a "climate finance crisis," with the actual flow of climate finance during the 2018-2021 period being a mere $80.6 billion, a far cry from the estimated needs. The report emphasizes that the region's limited private sector engagement, insufficient institutional capacity, and fragmented policy landscapes are exacerbating the challenges. The report recommends a comprehensive strategy to mobilize the required funding, including building strong national institutional capacities, establishing an HKH Climate Finance Network, and leveraging innovative financial instruments such as green and blue bonds. The report's lead author, Ghulam Ali, described the task of mobilizing $12 trillion as "climbing the Everest of funding," emphasizing the need for a collective and comprehensive approach to achieve the ambitious target. The report's findings have significant implications for policymakers, who are facing trade-offs between development and survival for vulnerable populations. The report notes that the annual per capita climate finance needs range from as low as $24 in some countries to over $2,126 in others, representing a significant burden on already strained economies. The report's recommendations aim to address the stark disparity in climate vulnerability and financial capacity, highlighting the need for creative, comprehensive, and collective solutions to address the region's climate finance crisis.
