The Government of Nepal and the Government of the Republic of Korea have signed a landmark Framework Agreement for Cooperation on Climate Change, marking a significant milestone in strengthening bilateral cooperation on carbon finance, greenhouse gas emission reductions, climate resilience and sustainable development.
The Agreement establishes a comprehensive framework for cooperation under Article 6 of the Paris Agreement, creating new opportunities to mobilize international carbon finance, promote climate-friendly investments, facilitate technology transfer, and support both countries in achieving their Nationally Determined Contributions (NDCs), according to a press statement issued by Ministry of Agriculture, Forest and Environment on Friday.
For Nepal, one of the world’s most climate-vulnerable mountainous countries, this partnership represents an important step towards unlocking innovative climate finance and accelerating its transition towards a low-carbon, climate-resilient economy, it said.
A central feature of the Agreement is the promotion of voluntary cooperation under Article 6 of the Paris Agreement, enabling the development of carbon mitigation projects and the potential transfer of internationally recognized mitigation outcomes between the two countries.
According to the statement, the partnership will encourage public and private sector investments in priority sectors, including renewable energy, transportation, industry, buildings, waste management, agriculture, and forestry.
The Agreement also provides for transparent carbon accounting, monitoring, reporting and verification (MRV), corresponding adjustments, and safeguards against double counting, ensuring environmental integrity and compliance with international climate commitments. Beyond carbon markets, the Agreement promotes cooperation in climate science, research, technological innovation, adaptation, methane reduction, and just energy transition.
It will facilitate exchanges among government institutions, researchers, universities, investors, and private sector organizations, strengthening Nepal’s technical and institutional capacity to implement ambitious climate actions. The partnership is particularly relevant to Nepal’s climate priorities, including implementation of its NDC 3.0, strengthening climate resilience, and pursuing its long-term objective of achieving net-zero greenhouse gas emissions by 2045.
The Agreement provides for the establishment of a Joint Committee on Climate Change Cooperation, comprising representatives of both governments, to coordinate implementation, approve joint work plans, and oversee cooperative activities.
The Committee may establish specialized subcommittees on carbon market mechanisms and climate science and technology to facilitate effective implementation. The Government of Nepal welcomes this important partnership with the Republic of Korea as a demonstration of international solidarity and shared responsibility in addressing climate change.
At a time when Nepal is experiencing increasingly severe climate-related disasters, including catastrophic floods and growing risks across the Himalayan region, innovative financing partnerships are essential to support sustainable development and strengthen national resilience.
Nepal looks forward to translating this Agreement into concrete investments, technology partnerships, capacity-building initiatives, and measurable climate outcomes that benefit both countries. The Government of Nepal has expressed its sincere appreciation to the Government of the Republic of Korea for its partnership and commitment to advancing effective, transparent, and mutually beneficial climate cooperation.
