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Stakeholders have stressed on the need for the implementation of international climate-related financial commitments.

They were speaking in a session 'Facing Financial Challenges for Climate Justice and Sustainable Development' today on the last day of the Sagarmatha Sambaad that began in Kathmandu on Friday.

The participants in the discussion expressed the view that without the implementation of climate finance commitments, there will be a lack of investment for addressing climate-related crises and the climate crisis will escalate.

Joint Secretary at the Ministry of Finance and head of the International Economic Cooperation Coordination Branch Dhaniram Sharma emphasized the need to implement financial commitments, ensuring that the implementation process is transparent and fair.

"Nepal has been playing an important leadership role in the international arena for climate justice. The Sagarmatha Sambaad is another important platform that Nepal presents to the world, which can guide collective solutions to the climate crisis,” he said.

Tasnim Isop, Executive Director of Climate Action Network International (CAN International), emphasised the need to focus on implementing sustainable development goals while addressing the financial challenges for climate justice.

Economist Dereje stated that financial scarcity is currently the main problem in fighting the climate crisis.

Coordinator of the Asian Peoples Movement on Debt and Development (APMDD), Lidy Nacpil, stated that if timely solutions are not found for climate-related crises, the damages caused by climate conditions will increase globally, emphasising the need to fulfill financial commitments and provide climate justice to affected countries.

Former Foreign Affairs Minister Bimala Rai Paudyal facilitated the session.

According to the United Nations Framework Convention on Climate Change 2023, it is estimated that by 2030, the economic damage caused by climate change in developing countries will reach between 290 to 580 billion US dollars annually.

By the year 2050, this figure is projected to be between 1 to 1.7 trillion US dollars.

According to the new financial targets set by the COP-29 decisions on climate finance, it has been announced that at least 300 billion dollars of financial assistance will be ensured annually for developing nations by the year 2035.

This session of the Sagarmatha Sambaad was organised with the objective of bringing the government, multilateral institutions, academics, and leaders working in the fields of human rights and development together on a single platform to discuss equitable climate finance and sustainable development goals.

As many as 13 people, including four children, were killed in a massive fire that broke out at a building in Gulzar House near the historic Charminar on Sunday, Business Standard reported.

A senior official of a private hospital here told PTI that eight people were brought dead.

Unfortunately 8 patients were brought dead to Yashoda Hospital, Malakpet, hospital sources said.

The deceased include two childrenaged two and seven besides three women, the sources said.

Apollo Hospitals in a statement said they received five people with burn and inhalation injuries and all were declared brought dead, according to Business Standard.

All these victims had severe burns and inhalation injuries and could not be revived. Death was declared. Our ambulance team continues to remain on site to rescue any further victims. We are providing maximum support to the families of victims in this difficult time, Apollo Hospitals said.

In a post on X, Prime Minister Narendra Modi expressed anguish over the loss of lives due to a fire tragedy in Hyderabad, Business Standard reported.

The price of gold has dropped by Rs 600 per tola in the domestic market on Sunday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 184, 200 per tola today. It was traded at Rs 184, 800 per tola on Friday.

Similarly, the silver being traded at Rs 1,945 per tola today.

The Bagmati Province Government has spent only 38.91 percent of its budget in the first 10 months of the current fiscal year 2081/82.

The provincial government has spent 35.01 percent of the budget on capital expenditure and 46.79 percent on current expenditure during the current fiscal year from Shrawan to Baisakh, said Information Officer at the Ministry of Internal Affairs and Planning, Indraraj Sanjyal.

The provincial government has spent Rs 13.27 billion on capital expenditure and Rs 12.87 billion on current expenditure totaling Rs 25.1147 billion. He said that out of the budget of Rs 64.54 billion brought by the provincial government for the current fiscal year, the capital expenditure is less than the current expenditure.

The provincial chief attorney's office spent the most of the allocated budget at 68.92 percent while the lowest was spent by the culture and tourism ministry at 16.48 percent.

Similarly, in the current fiscal year 2081/82 the provincial government has received only Rs 3.73877 billion out of the estimated Rs 4.538 billion to be collected from internal sources.

Information Officer Sanjyal said that the provincial government's revenue collection has been affected due to the decline in real estate and new vehicle purchase and sale transactions owing to economic liquidity.

At least 21 people are reported to have died and dozens others injured after tornadoes tore through parts of two US states, BBC reported.

Officials in Kentucky said there had been 14 deaths due to severe weather while seven people were killed in Missouri, including five in the city of St Louis.

The Kentucky tornado struck in Laurel County, in the south-east of the state, in the early hours of Saturday. Officials said they expected the death toll to rise.

Missouri officials said 5,000 buildings were damaged, roofs destroyed and power lines knocked downed as a tornado struck on Friday, according to BBC.

The US National Weather Service said tornadoes also hit neighbouring Illinois, with more severe weather conditions stretching eastwards to the Atlantic coast. On Saturday, it warned of few tornadoes that could hit northern Texas over the weekend as a result of strong to severe storms in the area.

The German Research Centre for Geosciences (GFZ) reported a 6.1-magnitude earthquake in central Peru at 10:22:06 GMT on Saturday.

The earthquake's epicenter was at a depth of 10 kilometers, around 14.67°S latitude and 74.04°W longitude, as reported by Xinhua.

China’s LandSpace successfully launched its methane-powered Zhuque-2E Y2 rocket on Saturday, deploying six satellites into orbit from the Jiuquan Satellite Launch Center.

This marks the fifth flight of the Zhuque-2 series. LandSpace, the first company to launch a methane-liquid oxygen rocket in 2023, is focusing on methane for its cost efficiency, lower emissions, and suitability for reusable rockets, Xinhua reported.

The payload, developed mainly by Spacety, included a radar satellite, two multispectral satellites, and three for scientific experiments, weighing 20 to 300 kilograms.

At least fourteen people lost their lives and several others were injured following lightning strikes across Odisha on Friday, according to Xinhua.

The severe weather, which included heavy rain and thunderstorms, impacted several districts, including Koraput, Jajpur, Dhenkanal, Mayurbhanj, Ganjam, and Gajapati.

The India Meteorological Department has issued an advisory for prolonged bad weather, warning of further rain, thunderstorms, and lightning in the area, Xinhua reported.

Lightning-related fatalities are a recurring tragedy during India’s monsoon season, claiming hundreds of lives annually.