Nepal

Nepal may explore poten­tial mar­kets that allow high­er mit­ig­a­tion ambi­tion while pro­mot­ing sus­tain­able devel­op­ment and envir­on­ment­al integrity.

Nepal will pri­or­it­ize some cli­mate actions for the car­bon mar­ket under Art­icle 6 of the Par­is Agree­ment while ensur­ing there is no double count­ing, and main­tain­ing envir­on­ment integ­rity. To engage effect­ively in the car­bon trad­ing under Art­icles 6.2 and Art­icle 6.4, includ­ing for the imple­ment­a­tion of Art­icle 6.8 of the Par­is Agree­ment, Nepal will estab­lish robust insti­tu­tion­al frame­works and devel­op neces­sary reg­u­la­tions to facil­it­ate car­bon trad­ing. Some of these pre­par­a­tions are already reflec­ted in the Envir­on­ment Pro­tec­tion Act (2019) and Reg­u­la­tion (2020). Capa­city-build­ing pro­grams will be con­duc­ted to enhance the tech­nic­al expert­ise of rel­ev­ant stake­hold­ers, includ­ing gov­ern­ment offi­cials, private sec­tor entit­ies, and loc­al com­munit­ies. Nepal will ensure cor­res­pond­ing adjust­ments and the estab­lish­ment of a trans­par­ent mon­it­or­ing, report­ing, and veri­fic­a­tion sys­tems and regis­tries to track car­bon emis­sions accur­ately and facil­it­ate the issu­ance of car­bon credits.