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Nepal’s Foreign Trade Improves in Fourth Fiscal Month

Posted on by SAT News Desk

KATHMANDU, Nov 23: Nepal’s foreign trade showed signs of recovery in the fourth month of the current fiscal year. Exports grew by 4.16% to Rs 52.67 billion, while imports increased marginally by 0.17% to Rs 513.38 billion compared to the same period last year, according to the Department of Customs (DoC).

After three months of declining trade figures, cross-border trade rebounded between mid-October and mid-November. However, the trade deficit widened due to a relatively smaller growth in exports. As of mid-November, Nepal’s trade deficit stood at Rs 460.71 billion, a slight decline of 0.26% from the same period last year.

Notably, imports of electric vehicles (EVs) surged by 26% during the first four months of the fiscal year. Nepal imported 4,217 EV units worth Rs 10.53 billion, generating Rs 5.72 billion in customs revenue. In the same period last year, 3,115 units worth Rs 7.70 billion were imported.

The country also imported 827,925 mobile phones valued at Rs 13.40 billion, with 80% sourced from China, 15% from India, and the rest from countries including the US, Japan, South Korea, and Vietnam.

Despite the improvement in trade performance, the growing trade deficit underscores the need for stronger export-oriented strategies to achieve a more balanced trade ecosystem

World Agrees on COP29 Climate Deal Amid Criticism Over Insufficient Funding

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BAKU, Azerbaijan – After weeks of tense negotiations at COP29, nearly 200 nations reached a new climate agreement early Sunday, committing wealthy countries to provide $300 billion annually by 2035 to help poorer nations combat the escalating impacts of climate change. However, the figure was widely criticized as inadequate.

The agreement came after chaotic negotiations marked by boycotts, political disputes, and a strong presence of fossil fuel interests. Talks nearly collapsed when representatives from vulnerable small island states and least-developed countries walked out on Saturday. Eventually, the deal was finalized more than 30 hours past the deadline.

“This new finance goal is an insurance policy for humanity,” said Simon Stiell, head of the UN Framework Convention on Climate Change. But the pledged amount falls far short of the $1.3 trillion that experts estimate is necessary. India’s representative Chandni Raina called the $300 billion a “paltry sum,” while Marshall Islands envoy Tina Stege criticized the talks for “political opportunism” and fossil fuel influence.

The deal focuses heavily on climate finance, requiring wealthy nations to provide funding through public and private channels. However, it only “encourages” contributions from richer emerging economies like China and Saudi Arabia, leaving developing nations concerned about debt traps from loan-based assistance.

COP29 unfolded against the backdrop of a record-hot year and increasingly extreme weather events, but it was overshadowed by political divisions and fossil fuel lobbying. More than 1,700 fossil fuel representatives attended, outnumbering most country delegations.

Climate activists slammed the summit for falling short. “This was meant to be the finance COP, but the Global North betrayed the Global South,” said Tasneem Essop of Climate Action Network. Despite the outcome, calls for greater accountability and increased funding persist.

Nepalese British Community to Host Cancer Awareness Webinar

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London — The Nepalese British Community UK (NBC-UK) is organizing a Community Cancer Awareness Webinar on November 30, 2024, from 10:00 AM to 12:30 PM. The online event, supported and trained by Cancer Research UK, aims to raise awareness about cancer within the ethnic minority Nepalese British community.

The program, conducted in Nepali, will address key topics including:

  • Signs and symptoms of cancer
  • Screening, prevention, and lifestyle changes
  • Barriers to screening
  • Insights from a nurse working in cancer recovery

Additionally, two cancer survivors will share their personal journeys, and a live Q&A session will provide participants the opportunity to engage with experts.

The event will feature prominent speakers:

  1. Dr. Pragya Khanal – Clinical Oncologist at the NHS, North London.
  2. Shreejana Koirala – Maternity Community Matron and Link Project Manager for NWL ICB.
  3. Sunita Bohora Karki – Registered Nurse specializing in Head and Neck Cancer.
  4. Prabhu Neupane – Health and Social Care expert, and owner of nursing and home care businesses.

Secretary Damodar Acharya emphasised the program’s goal to promote cancer awareness among the Nepalese British community.

NBC UK Coordinator Samirnath Pyakurel added that the event will include inspiring survivor stories and valuable insights from healthcare professionals. “The webinar is open to all but specifically tailored to address the needs of the UK Nepalese community. Join us to learn, share, and raise awareness!”
Following Registration link has been provided to register for the event: https://events.teams.microsoft.com/event/5dfbd5b5-bed2-41b9-ba8f-3da8ced916c9@6d9dace9-ffa0-491f-b5a5-1da529093bd5

Nepali Runner Makes History with Seven Marathons Across Seven Continents in Seven days

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Boston — Santosh Karmacharya, a Nepalese runner based in Boston, USA, has become the first person from Nepal and South Asia to complete seven marathons across seven continents in seven days. Participating in the “Great World Race,” Karmacharya achieved this extraordinary feat, covering 42.2 km in each marathon.

The challenge began on November 14 in Antarctica, followed by Cape Town in Africa, Perth in Australia, and Istanbul in Turkey, which represented both Asia and Europe on November 17 and 18. He then continued to Cartagena in South America and concluded the race in Miami, North America, on November 21.

The grueling event featured 54 runners from 15 countries, each striving to complete this global marathon challenge within tight schedules. Runners flew approximately 60 hours over seven days by charter flights, with only eight hours between races.

Karmacharya emphasized the extreme physical, mental, and financial challenges of the race, saying, “It requires immense mental strength and a significant financial commitment.” Despite these obstacles, he expressed gratitude to everyone who supported him in accomplishing what he described as “the most incredible challenge in the world.”

The event was organized by the Great World Race and recognized by the Intercontinental Marathon Club. Karmacharya, who runs a yoga center in Boston, had recently represented Nepal in the World Triathlon in Australia alongside fellow Nepali Santosh Rai.

This historic achievement not only brings pride to Nepal but also sets a benchmark for runners across South Asia.

Massacre in Pakistan: Gunmen Kill 41 in Attack on Convoy

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Islamabad — At least 41 people, including women and children, were killed when unidentified gunmen attacked a convoy of 200 passenger vehicles in Pakistan’s tribal district of Kurram, near the Afghan border. The convoy, under police escort due to heightened sectarian tensions, was ambushed on Thursday, with attackers targeting security personnel first, according to provincial authorities.

The tragic incident occurred in an area plagued by sectarian violence between Sunni and Shia Muslim tribes. Police confirmed 16 others were critically injured, and officials fear the death toll may rise. Nadeem Aslam Chaudhry, Khyber Pakhtunkhwa’s chief secretary, called the attack “a major tragedy.”

Witnesses described the chaos, with survivors hiding under car seats as gunfire erupted. Saeeda Bano, a passenger, recounted seeing bodies and injured individuals scattered along the road once the shooting subsided.

Officials revealed approximately 10 attackers fired indiscriminately from both sides of the road. Women and children sought refuge in nearby houses as authorities launched a manhunt. The convoy was traveling along a road recently reopened under police protection following previous attacks in the region, including one last month that left 15 dead.

Authorities continue investigating the motive, with local land disputes and extremist groups suspected of fueling the violence.

Four times as many South Asian children could be exposed to extreme heatwaves in the 2050s – UNICEF

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New Delhi – UNICEF has called for urgent measures to include children and young people in national climate policies as its latest analysis highlights the growing impact of climate crises on South Asia. Released during COP 29 in Baku, Azerbaijan, the report projects alarming trends: by 2050, four times as many children will face extreme heatwaves, with significant increases in exposure to floods and wildfires compared to the 2000s.

The region’s 659 million children already face climate-related hazards such as heatwaves, floods, and air pollution, severely disrupting their lives, health, and education. Yet, UNICEF’s mapping reveals that most South Asian countries lack child-sensitive climate policies. Nepal leads the region by explicitly recognizing children’s rights in its Nationally Determined Contributions (NDCs), while others, including India, Pakistan, and Sri Lanka, have made limited progress.

Young voices from the region, like Zunaira Qayyum from Pakistan and Fathimath Raaia Shareef from Maldives, stress the urgency of integrating children into decision-making processes. “We are not just advocating for climate action; we are fighting for survival,” Shareef stated, urging leaders to prioritize their future.

UNICEF is pushing for governments to adopt child-sensitive NDCs by 2025, increase climate financing for children, and ensure disaster management systems are tailored to their needs. “The future of South Asia’s children is at risk unless leaders act now,” said Sanjay Wijesekera, UNICEF’s Regional Director for South Asia.

UNICEF emphasizes that children are not just victims but powerful agents of change, deserving a meaningful role in shaping climate policy. With time running out, the need for decisive action is more critical than ever.

Himalaya Jet Unites Miss England, Business Minister, and 14th Asian Curry Awards for a Cultural Milestone

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London —The 14th Asian Curry Awards held on Saturday at Grosvenor House, Mayfair, London.
Sarah Jones, the UK Minister of State for Energy Security, Net Zero, and Business and Trade, served as the chief guest at a prestigious ceremony coordinated by Mr. Dipendra Gurung, a prominent British businessman of Nepalese origin. Mr. Gurung, who leads the Gurung Family business group, coordinated the event to honor excellence in the business and trade sector. The collaboration highlighted the strong connections between the UK’s economic framework and its multicultural influences, underscoring contributions from leaders of diverse origins like Mr. Gurung.

The prestigious event celebrated the curry industry’s contribution to the UK economy, which employs over 100,000 people and generates £8 billion annually.

Jones, the chief guest, praised the sector’s role in strengthening Britain’s multicultural identity. Gurung, the guest of honour, underscored Nepalese entrepreneurs’ growing influence in global business.

Miss England 2024, Milla Magee, represented Gurung during the awards distribution. Maggie shared her “Miss World with Purpose” campaign, Goforwhisper, supported by Prince William and Himalaya Jet, aiming to make CPR training compulsory in schools.

She also unveiled ambitious plans for Himalaya Jet, including long-haul flights connecting Monte Carlo, Macau, and Las Vegas, and short-haul routes linking London, Paris, Rome, and other luxury destinations. Notably, Himalaya Jet will also launch flights between London and Nepal.

Gurung’s vision for Himalaya Jet includes operating 18 large aircraft to bridge Nepal with Europe, Australia, and beyond, cementing Nepal’s presence in international aviation. The evening celebrated innovation, culture, and cross-continental collaboration.

You can explore the full list of winners of the Asian Curry Awards 2024 here

Transboundary cooperation needed in South Asia to combat climate crisis:  Dr Wagle

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Baku  – Member of the Federal Parliament of Nepal  and Vice-Chair of the Rastriya Swatantra Party (RSP), Dr Swarnim Wagle, has said the ecological integrity of South Asia demands creative transboundary cooperation superseding short-term political strains.

Addressing three separate panel discussions on the sidelines of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), also known as COP29, in Baku on Thursday, Dr Wagle said the  Hindukush Himalaya mountains which store the largest amount of fresh water outside the two poles and feed ten major river systems are bearing the brunt of ‘elevation dependent warming’ with climate disasters likely to escalate in scale, frequency and intensity, he added.

A former vice-chair of the National Planning Commission of Nepal, Dr Wagle said that while global solutions entail a time lag, threats posed by air pollution need regional action. He said, “we have to reclaim the original raison d’etre of regionalism as challenges are bigger than what one country can solve. We have to reduce risks from idiosyncratic and systemic shocks, raise incomes of our communities through green growth, and cut costs to reduce distance and connect markets.”

He also called for a bold departure in the way external finance is channelled to avert, minimize and address loss and damage associated with the adverse impacts of climate change.

 There was a significant funding gap of 85 percent in implementing adaptation plans expected to cost a whopping US$47 billion by 2030. “Most risks are cross-boundary, so there is the need for incentivized regional cooperation for data, knowledge, and technology sharing protocols to pave the way for derisked and depoliticised decarbonisation efforts,” he added.

‘Need to shift gears with urgency, agility and responsiveness’

Current approaches to humanitarian response are not effective, so there is a need to shift gears with urgency, agility and responsiveness being the new metrics of operation to improve upon long gestation periods and rigid budget cycles of aid bureaucracies, said Dr Wagle. “The new Loss and Damage Fund should be an explicit component of the New Collective Quantified Goal (NCQG) being negotiated in Baku. New grants could be allocated directly to government budgets and then to communities without the involvement of costly transactional intermediaries. And to avoid fungibility, they must be accounted to be new and additional,” he added. 

“In August 2024, glacial lake outburst flood (GLOF) swept away the village of Thame in the Everest region causing huge losses to local communities. Only 5 out of 200 potentially dangerous glacial lakes in the Hindu Kush Himalayas are monitored,” said Dr Wagle adding, “Post-monsoon rain in Nepal in September this year was the heaviest in 54 years causing at least 250 deaths. Dr Wagle quoted a study to assert that during 2017-2021, Nepal lost more than two percent of GDP due to climate induced disasters, which is expected to increase to 5 percent of GDP by 2030.

Dr Wagle emphasised that the National Climate Change Policy adopted by the government of Nepal in 2019 has committed to direct 80 percent of climate finance to the local level. Nepal’s Nationally Determined Contributions (NDC) is 1.5°C aligned, and its Local Adaptation Plan of Action (LAPA) through 753 governments could foster community-based adaptation. “Key to LAPA is the empowerment of local communities as they are on the frontlines and are the first responders,” he said.

The separate panel discussions were steered by Canada’s International Development Research Centre (IDRC), the UK’s International Institute for Environment and Development (IIED) and the University of Reading’s Walker Institute.

Nepal Women’s U19 Team Makes History, Qualifies for ICC World Cup

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CHENNAI: Nepal’s women’s U19 cricket team, led by captain Puja Mahato, achieved a historic milestone by defeating the UAE to secure a spot in the ICC Women’s U19 T20 World Cup. This marks the first time a women’s cricket team from Nepal has qualified for an ICC event.

The decisive victory came in the final match of the qualifiers, where Krishma Gurung’s four-wicket haul restricted the UAE to 83 runs. Nepal chased the target comfortably, ensuring qualification based on a superior Net Run Rate.

Nepal’s journey was anything but easy. The competition’s format required all teams to play each other twice, with the top team advancing. A century by Mahato in a crucial match against Kuwait boosted Nepal’s Net Run Rate, proving instrumental in their qualification.

Veteran player Sita Rana Magar, who has been part of Nepal’s cricketing journey since 2007, expressed her joy. “It’s a dream come true for us women cricketers,” she said, applauding the team’s hard work and resilience.

The U19 team’s success also qualifies Nepal for the Women’s U19 Asia Cup in Malaysia, to be held before the World Cup. This achievement symbolizes a breakthrough moment for Nepalese women’s cricket.

Nepal Begins Electricity Exports to Bangladesh Under Historic Agreement

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KATHMANDU: Nepal has officially started exporting electricity to Bangladesh under a tripartite agreement signed with India and Bangladesh on October 3. The export of 40 megawatts of electricity began on Friday after India granted its approval, according to Chandan Kumar Ghosh, spokesperson for the Nepal Electricity Authority (NEA).

The electricity, sourced from Nepal’s Trishuli (25 MW) and Chilime (22 MW) hydropower projects, will be sent to Bangladesh via the Dhalkebar-Muzaffarpur transmission line in India and onward through the Behrampur-Bheramara link. Payments will be made in U.S. dollars based on meter readings at Muzaffarpur, marking Nepal’s first electricity trade in dollars.

The agreement allows Nepal to export electricity to Bangladesh annually from June 15 to November 15. For the current year, the export will generate an estimated $92 million in revenue, with monthly earnings of NPR 33 million. Over five months, Nepal will supply 1.44 million megawatt-hours of electricity to Bangladesh at a rate of 6.40 U.S. cents per unit.

The initiative culminates six years of preparation, with Nepal’s Executive Director of NEA, Kulman Ghising, highlighting the swift finalization of the agreement this year. The export was officially launched during a ceremony organized by Nepal’s Ministry of Foreign Affairs in Kathmandu.

This marks a significant milestone in Nepal’s electricity trade, as the country moves beyond bilateral trading with India to establish a foothold in the South Asian energy market. The arrangement also signals stronger regional cooperation in energy sharing and infrastructure development.

Bangladesh Attorney General Proposes Removing ‘Secularism’ and ‘Socialism’ from Constitution

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DHAKA, Nov 15: Bangladesh’s Attorney General Mohammad Asazzaman has proposed significant amendments to the country’s Constitution, suggesting the removal of “secularism” and “socialism” as two of its foundational principles. The proposal, made during a High Court hearing on Wednesday, also seeks to eliminate a provision mandating capital punishment for unconstitutional regime changes.

The Attorney General’s remarks came during a writ petition hearing filed by a group of citizens. Asazzaman argued that while Sheikh Mujibur Rahman, widely regarded as the Father of the Nation, was an undisputed leader, the ruling Awami League had “politicized” his legacy for party interests. He further proposed removing Sheikh Mujibur Rahman’s official designation in the Constitution to avoid what he termed political exploitation of his name.

These suggestions mark a controversial departure from the original guiding principles enshrined in the Constitution after Bangladesh gained independence in 1971. Secularism and socialism, along with nationalism and democracy, were introduced as the bedrock of the state’s identity under Sheikh Mujibur Rahman’s leadership.

The Attorney General’s proposal is likely to spark heated debates, as secularism has remained a key tenet in a country with a Muslim majority but a history of religious pluralism. Socialism, meanwhile, has long been associated with the vision of economic justice that guided the nation’s formative years.

This development comes as Bangladesh approaches parliamentary elections, with political tensions running high between the ruling Awami League and opposition parties. Critics are likely to question whether these proposed changes aim to address ideological concerns or further politicize the Constitution ahead of the elections.

The High Court is yet to deliver its ruling on the writ petition, and the proposed amendments are expected to trigger intense public and political discourse in the coming weeks.

Sri Lanka’s Left-Leaning Alliance Nears Landslide Victory in Snap Elections Amid Economic Turmoil

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Colombo — Sri Lanka’s left-leaning National People’s Power (NPP) coalition, led by recently elected President Anura Kumara Dissanayake, is set for a decisive victory in the country’s snap parliamentary elections. Official results indicate the NPP has won 141 seats, edging close to the 150-seat mark required for a majority in the 225-member parliament. More results are expected to be announced soon, with many analysts predicting a landslide win for the coalition.

Dissanayake, who became president in September, called for early elections to gain a clear mandate to address the country’s deep-seated economic challenges. Sri Lanka is still reeling from the effects of its worst economic crisis, characterized by soaring inflation, food and fuel shortages, and high living costs. In 2022, these issues sparked a major political shift, leading to the resignation of former President Gotabaya Rajapaksa. His successor, Ranil Wickremesinghe, managed to secure a $3 billion IMF bailout, but widespread economic hardship continues, with nearly 26% of Sri Lankans living below the poverty line.

The NPP’s strong showing marks a shift from the previous parliament, where Dissanayake’s Janatha Vimukthi Peramuna (JVP) party, now leading the NPP coalition, held just three seats. The victory highlights widespread voter dissatisfaction with established political figures, many of whom chose not to seek re-election. Notably absent were members of the Rajapaksa family, who once held a stronghold in Sri Lankan politics but have lost considerable influence amid the crisis.

Dissanayake campaigned on promises to tackle corruption and restore economic stability, drawing on the NPP’s traditional advocacy for strong state intervention and lower taxes. Observers believe his success is due in part to a fractured opposition, which saw numerous parties and leaders splinter into smaller factions or run independently, diminishing their influence.

The coalition’s imminent majority now empowers Dissanayake to pursue his ambitious reform agenda, although he still faces immense challenges. Essential goods and services remain scarce, and economic recovery is slow; the World Bank forecasts just 2.2% growth for Sri Lanka in 2024. Many, like 26-year-old garment worker Manjula Devi, say they continue to struggle with basic expenses despite recent economic measures.

The new government now faces the daunting task of delivering on campaign promises and stabilizing the country’s economy. With a fresh mandate and a clear path ahead, Dissanayake’s administration must act swiftly to address the urgent needs of Sri Lanka’s population, whose hopes rest on meaningful change.

Leaders of HKH countries call for global partnership to tackle climate crisis in Mountains 

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Baku, Azerbaijan  – The  leaders from the Hindu Kush Himalaya (HKH) countries met to discuss the crisis in the continent’s largest frozen water stores, the HKH.

Ministers and heads of delegations from six of the eight countries that share the Earth’s tallest cryosphere zone met at a meeting hosted by Bhutan’s Prime Minister Tshering Tobgay on day two of the global climate conference COP29 in Azerbaijan on 12 November.

The event was attended by Ain Bahadur Shahi Thakuri, Minister, Ministry of Forests and Environment, Nepal; Romina Khursheed Alam, Coordinator to Prime Minister for the Ministry of Climate Change & Environmental Coordination, Pakistan; Farhina Ahmad, Secretary, Ministry of Environment, Forest and Climate Change, Bangladesh; Naresh Pal Gangwar, Joint Secretary, Ministry of Environment and Forest and Climate Change, India; Karma Tshering, Secretary, Ministry of Energy and Natural Resources, Bhutan and LU Shize, Deputy DG for the General Department for Responding to Climate Change, Ministry of Ecology and Environment, China.

Also present were Dinara Kemelova, Special Envoy Mountains, Kyrgyzstan, Chair of the Senior Arctic Officials of the Arctic Council and key representatives from the World Bank, UNESCO, ADB and UNEP.

“The HKH region – this biodiversity hotspot to the world – a repository of some of the world’s biggest amounts of ice – this water tower that supports almost 2 billion people, is at risk,” said Tobgay.

“We are vulnerable, and the effects of climate change are already affecting our entire region. The fact that our fast ascending towards 1.5 degree celsius will accelerate disasters for the entire region, 240 million people in HKH and 1.6 billion live downstream. We need to do more. We need to come together with a unified source of vision, with one voice and call for action.” 

Nepal’s Ain Bahadur Shahi Thakuri shared urgent reminders of climate vulnerability, noting the recent devastating Thame flood that swept away an entire village and the September floods that tragically claimed over 150 lives. He called for solidarity in the fight against climate change and urged everyone to work toward a global partnership.

Romina Khurseed emphasised unity, stating, “As we gather here in Baku, let us unite to protect the invaluable resources of the HKH region through strengthened cooperation, targeted investments and mobilisation of international support, we can foster a sustainable resilient future for the HKH region because it’s not you, it’s not me. It is us.” 

Bangladesh stressed that climate crisis is impacting not only their own country but the entire region. ‘Not only Bangladesh, but the whole region is suffering. It is immeasurable. And if we remain and do our business as usual, the problem will get severe. We should act to prevent the ongoing loss,’ the representative stated. Bangladesh reaffirmed their commitment to raising these issues, both in regional dialogues and through national platforms, to advocate for the Hindu Kush Himalaya region.

India, meanwhile, highlighted air pollution as a pressing, shared challenge within the Indo-Gangetic Airshed. “Most of our countries fall under the same air-shed, i.e., the Indo-Gangetic Airshed. This is a transboundary issue. All countries must work together to address air pollution,” stated Naresh Pal Gangwar. He urged nations, particularly Pakistan and Bangladesh, to take proactive, collaborative steps to manage and mitigate air pollution across borders.

Pema Gyamtsho, Director General of the International Centre for Integrated Mountain Development (ICIMOD), the intergovernmental research centre for the HKH region, said: “Yet again, across this region this year, families have been mourning their dead, counting lost land, livelihoods, and heritage, or facing up to the agonizing dilemma, of whether to stay in mountain towns and villages, and try to adapt to hugely uncertain conditions, or abandon homes and sever ties with landscapes to which their communities have been entwined for millennia.

“To address this escalating crisis, we must prioritize disaster preparedness, boost adaptation financing and target it where it matters most, pursue the win-win potential of tackling air pollution, drive new investments, quantify economic costs to advocate effectively for loss and damage finance, and support stronger policy coordination.”

Bhutan’s Secretary of the Ministry of Energy and Natural Resources, presented the need to strengthen regional cooperation on several issues of common concerns and interests including cryosphere risk monitoring, disaster preparedness and early warning systems, including resilient infrastructures, air pollution, biodiversity conservation along with building capacity of the region to access funding from global funds such as Adaptation fund, GEF and GCF, innovative financing solutions, coordination and support at global forums like COPs to represent and amplify common HKH issues and concerns. Most importantly, he emphasised the need to have a biennial ministers’ meeting as agreed in the 2020 Ministerial Mountain Summit.

Given the transboundary nature of the issues faced by HKH countries, there is a dire need for cooperation, engagements, and a coherent regional mechanism, the leaders acknowledged.

Developing Countries Demand Urgent Climate Finance Boost Amidst Divisions at COP29 Summit

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Baku — In a critical call to action, a new report from the Independent High-Level Expert Group on Climate Finance highlights that developing nations need $1 trillion annually by 2030 to combat climate change, far sooner than the current 2035 goal backed by wealthy countries. The report warns that waiting five more years would deepen the burdens on vulnerable nations, struggling to mitigate emissions and manage escalating climate impacts. As negotiations continue at the COP29 summit in Baku, Azerbaijan, tension builds between rich and poor nations over financing obligations and sources.

The study, unveiled Thursday, comes as ministers and officials from almost 200 countries negotiate new global climate finance commitments. Early drafts reveal significant disagreements, especially concerning the amount of funding required and the sources from which it will come. Although wealthy nations have acknowledged the need for substantial support, they propose relying heavily on private sector investment, which critics argue cannot adequately address adaptation needs.

Nicholas Stern, co-chair of the expert group, emphasized the urgency, stating that it is “more expensive the longer you wait.” The report suggests that half of the required $1 trillion could come from private investment, with an additional $250 billion from multilateral development banks like the World Bank. Other funds could derive from international grants, IMF special drawing rights, and new taxes on aviation and shipping. Stern urged developed countries to act decisively, warning that “kicking the can down the road” will only worsen the crisis.

At COP29, developing countries and climate activists are pushing for grants and public finance over private investment, arguing that vulnerable communities need guaranteed support rather than profit-driven solutions. Mohamed Adow, director of Power Shift Africa, called for robust public funding, noting that “private finance has failed miserably” in addressing adaptation needs. Similarly, Harjeet Singh of the Fossil Fuel Non-Proliferation Treaty Initiative underscored that “we need real trillions in grants,” cautioning that failure at COP29 to secure such commitments would mean “we’re all on the losing side.”

Despite an announcement by the World Bank and other development banks to double their climate finance pledges to $120 billion annually by 2030, concerns persist that the sum falls short. Yalchin Rafiyev, Azerbaijan’s lead negotiator, expressed optimism, but acknowledged that the road to compromise remains challenging.

As COP29 continues, developing countries hope for a historic breakthrough, calling on wealthier nations to embrace urgent, substantive climate finance commitments and pave the way for a just global transition.

UK Universities Struggle as Visa Restrictions

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London — UK universities, renowned for their prestige, are grappling with financial strain as recent visa restrictions and Brexit-related challenges reduce international student enrollment. The UK is a top global education destination, with 760,000 foreign students enrolled in 2022, particularly from India, China, and Nigeria. However, last year’s 5% drop in student visas, compounded by a 16% decrease in visa applications between July and September, signals a troubling trend.

Foreign students, who pay significantly higher fees than domestic students, are vital for UK universities’ finances. For instance, Leo Xui, a Chinese student at University College London, pays £31,000 per year, compared to the £9,250 cap for British students. The Labour government recently raised this cap slightly to £9,535, but inflation has diminished its value, with Universities UK (UUK) estimating the current fee’s worth at under £6,000.

Visa restrictions imposed by the former Conservative government have intensified recruitment difficulties. Policies preventing international students from bringing family members and barring in-study work visa transitions have dampened the UK’s appeal. Nick Hillman of the Higher Education Policy Institute expressed concerns over the UK’s declining attractiveness as a study destination. Coventry University’s Provost, Ian Dunn, highlighted Brexit’s impact, noting EU student numbers fell from 4,400 to just 10% of that.

To mitigate losses, some institutions have lowered admission criteria for foreign students. Coventry University has pioneered overseas partnerships, establishing campuses in Egypt, Morocco, India, and China, allowing students to earn UK degrees without setting foot in the UK.

As universities face mounting financial pressures, some students are choosing alternative destinations like Canada, Australia, and the Netherlands, where English-taught courses are available and visa policies are more favorable.

UN Climate Summit Urges Private Sector to Boost Climate Finance Amid Global Tensions

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Baku— At the UN’s Cop29 climate summit in Baku, Azerbaijan, the host nation’s environment minister, Mukhtar Babayev, issued a clear call for private sector investment to help developing countries transition to low-carbon economies. Writing in The Guardian, Babayev emphasized the urgency of mobilizing private finance, warning that without this support, achieving climate goals would be impossible. He argued that relying solely on government funding is no longer sufficient, stating, “Without the private sector, there is no climate solution. The world needs more funds and it needs them faster.”

Nearly 200 countries’ representatives are gathered in Baku to discuss a new framework for climate finance, particularly for developing countries that require significant support to reduce emissions and adapt to worsening extreme weather. Currently, climate finance for these nations is around $100 billion annually, but developing countries are advocating for a tenfold increase to $1 trillion by 2035.

The summit’s atmosphere is tense due to the re-election of Donald Trump in the U.S., who has pledged to withdraw the country from the Paris climate agreement. This move could weaken global commitments to emissions reduction and make meeting climate finance goals more challenging. Without the U.S., developed nations may struggle to meet targets, potentially shifting the burden to the private sector to meet the ambitious $1 trillion goal.

However, an increased role for private finance is controversial. Private funding often involves loans, raising concerns about increasing the debt burden of developing nations. Christian Aid’s Mariana Paoli expressed skepticism, asserting that private finance is driven by profit and can exacerbate debt, whereas government grants offer a more effective means of support.

While many developing countries acknowledge the need for private finance, they stress that public funds from developed countries must remain central. A representative from the Alliance of Small Island States highlighted the importance of public finance, supplemented by private funding through strategic interventions.

UN climate chief Simon Stiell also weighed in, noting that inflation and economic instability are directly tied to continued fossil fuel dependency. He emphasized that climate finance is not charity but a global necessity, warning that failure to act swiftly could destabilize the global economy.