15th South Asia Economic Summit concludes with calls for equitable green transformation

KATHMANDU: The 15th South Asia Economic Summit (SAES XV), organised by the South Asia Watch on Trade, Economics and Environment (SAWTEE) in Kathmandu, concluded today.

The three-day summit brought together prominent economists, policymakers, and civil society leaders from South Asia and beyond to discuss 'Unleashing an Equitable Green Transformation in South Asia'. The event successfully advanced sustainable and inclusive development in the region.

At the closing session, Nepal Rastra Bank (NRB) Governor Maha Prasad Adhikari, the chief guest, highlighted the region's vulnerability to climate change, mentioning challenges such as rising temperatures, melting glaciers, and erratic rainfall. He emphasised the critical need to mobilise finance for greener projects. "Given South Asia's vulnerability to climate change and the urgent need for economic transformation, mobilising finance for greener projects is crucial," he stated. Governor Adhikari outlined Nepal's initiatives, including the National Adaptation Plan and Green, Resilient and Inclusive Development (GRID) Strategy, aimed at achieving zero emissions by 2045. He also highlighted the Green Finance Taxonomy, developed by NRB, as a key component in boosting green finance. "We are heading in the right direction, but we need to accelerate our efforts to ensure we reach our goals on time," he concluded, thanking the organisers for a successful summit.

Addressing the session, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal emphasised the urgent need for equitable green transformation in South Asia. He called for reforming regional economic integration and prioritising environmentally friendly practices in trade and investment agreements. Dhakal pointed out the challenges faced by local industries due to reduced tariffs under the South Asian Free Trade Area (SAFTA) and called for policy support and technological advancements. He highlighted the potential of a shared energy grid to harness renewable energy, particularly hydropower in Nepal. The FNCCI President warned about the severe impacts of climate change on the region and urged greater collaboration within the region and support from the global community. 

Earlier inaugurating the SAES XV on Wednesday, Minister for Industry, Commerce and Supplies, Damodar Bhandari stressed the importance of balancing economic growth with environmental sustainability, noting South Asia's vulnerability to climate change and social inequality. He highlighted Nepal's commitment to climate resiliency and green energy.

Meanwhile, addressing the closing session, Neelu Thapa, Director of SAES XV and Treasurer at SAWTEE, urged collaboration and substantial support for vulnerable countries like Nepal and Bhutan, concluding with a call for unity and a better future for generations to come.

Likewise, SAWTEE Chairman Ratnakar Adhikari highlighted the key discussions, emphasising the power of cooperation and collaboration across all sectors and the importance of geopolitical analysis alongside economic analysis. He stressed the need for inclusive policy-making and essential role of technology and finance in achieving equitable green transformation. He recognised the significant contribution of the private sector to regional cooperation. 

During the session, Abid Qaiyum Suleri, Executive Director of the Sustainable Development Policy Institute (SDPI), Pakistan, also highlighted the key discussions. He noted the evolution of topics over the years, from economic integration to green transformation, and emphasised the importance of regional cooperation and the need for policy influencers and analysts to remain relevant in changing times. "This gathering is not just another talk show. It is a platform where policy influencers come together to seek solutions and opportunities," he said.

Suleri expressed gratitude to SAWTEE for hosting the summit and announced that SDPI would host the next summit in Islamabad.

Other speakers at the session included Mikiko Tanaka, Director and Head of ESCAP Sub-Regional Office for South and South-West Asia, India, and Gobinda Bahadur Karkee, Secretary of the Ministry of Industry, Commerce, and Supplies (MoICS).

Bindra Hada, Board Member of SAWTEE and former secretary of the Government of Nepal, delivered the vote of thanks to the attendees and organisers.