Counting climate spending
11 Sep 2014
Do you know how much your country spends on climate adaptation? Well we know how much Nepal does. In Fiscal year 2013/14, Nepal spent 10 percent of national budget or about US $ 500 million.
Many of you may think: Why does it matter? It does because despite making negligible contribution to the global warming, Nepal is one of the most vulnerable countries to the climate change.
According to an Asian Development Bank report entitled "Assessing the Costs of Climate Change and Adaptation in South Asia," the effect of climate changes 'can cause losses equal to almost 10 percent of the country's annual gross domestic product (GDP) by 2100.'
The country also has very little resource to spare for the costly adaptation process. For that very reason it needs to account for every dollar spent on adaptation. By developing a climate spending code, Nepal is now able to track all public spending for climate adaptation directly or indirectly. This will allow better targeting and efficient use of resources.
Does your country keep track of climate spending? How vulnerable is your country to climate change?