Climbing the Everest of Funding: The Hindu Kush Himalaya's $12 Trillion Climate Challenge

The Hindu Kush Himalaya region faces a $12 trillion funding shortfall for climate adaptation and mitigation from 2020 to 2050. A report by ICIMOD highlights underfunding, with China and India accounting for over 92% of financial needs. A three-track approach is recommended to bridge this financial gap.

The Hindu Kush Himalaya, a critical water source for the region's billions, faces a daunting challenge—raising around $12 trillion for climate adaptation and mitigation from 2020 to 2050. This stark warning comes from a recent analysis by the International Centre for Integrated Mountain Development (ICIMOD).

ICIMOD's report underscores the extreme shortfall in current financial commitments, with China and India alone accounting for over 92% of the projected financial needs. Ghulam Ali, the report's lead author, likened the task to "climbing the Everest of funding," emphasizing the necessity of a creative, comprehensive, and collective strategy.

In addressing the financial disparity and vulnerability to climate effects among countries in the Hindu Kush Himalayan region, the report proposes a three-track approach. This includes improving access to current multilateral funds, innovating mechanisms like debt-for-climate swaps, and increasing public spending for environmentally sensitive areas.

(With inputs from agencies.)