From committing to remain carbon neutral for all times to come to developing Low Emission Development Strategy and Green Finance Roadmap, Bhutan has always contributed more than its fair share when it comes to climate actions. And the journey continues. Around 20 environmentalists met in Thimphu today for the third Climate Series to talk on climate finance, discuss mitigation strategies and explore international networks and opportunities.
The environmentalists said exploring ways to mitigate the impacts of climate change is as important as exploring measures to deal with the current pandemic situation.
According to environmentalists, the impacts of climate change are worsening every day. Bhutan’s forests have the capacity to remove nine million tonnes of carbon dioxide from the atmosphere annually. This is equivalent to 10 times more than the country’s annual emission contributed by deforestation activities, timber extraction and forest fires. However, environmentalists say there is a risk of losing the country’s carbon neutral status if mitigation measures are not stepped up.
“On two fronts, there is a threat to us. One is we are developing our economy quite rapidly, the population is growing, consumption is growing. So there is a lot of emissions coming from our industries, from the energy use in transport. So there are a lot of CO2 emissions coming out. And the projection is that by maybe 2030 or 2050, we will triple the emissions from these key sectors. So there is a risk that we might jeopardize the carbon neutral commitment that we made,” said Thinley Namgyel, a Consultant on Environment and Climate Change.
He also added that developmental activities must align with the environmental impacts to reduce climate impacts. “We know that the impacts are going to get worst. So this has to be taken in together with all the developmental activities that we are undertaking in Bhutan. For example, if we build roads, we have to make sure that they are resilient to climate change. Within a decade or so, if we don’t put forward bold and ambitious actions, we will miss the target of avoiding dangerous levels of global warming.”
During the discussion, Sonam Rinzin, an analyst from the Royal Monetary Authority said that the institution is now working on implementing green finance strategies. Green finance includes an array of loans, debt and investment mechanisms to encourage the development of green projects or minimize the impacts of climate change.
“It is fundamental for finance to now start venturing into the green. RMA has started the journey into exploring the green finance roadmap for Bhutan. Under the roadmap, we have formulated action plans that can help achieve Bhutan transition into a low carbon economy. Basically, it is a guiding document for greening the financial system of Bhutan.”
Discourse on climate change is invaluable for Bhutan as it is one of the most vulnerable countries to the impacts of the Glacial Lake Outburst Flood in the Hindu Kush Himalayan region. As per a study by the ICIMOD in2019, over 30 per cent of glaciers in the Hindu Kush Himalayan region could melt by the end of this century.
Tshering Dendup
