A Western-brokered debt deal, by contrast, could be read not just as climate policy but as strategic alignment. Indian officials have already expressed concern that international trusteeship of Nepal’s rivers could complicate the trade of hydropower. And critics across the Global South have described Western swaps as a form of green conditionality — conservation commitments used as leverage to preserve financial influence in indebted nations.
Nepal has experience resisting such pressures. A US aid compact sparked nationwide protests in 2022 over fears of sovereignty loss. That same year, and again in 2024, climate loans from the World Bank were met with similar skepticism. A familiar question is resurfacing now: Why should…