Nepal BFSI Summit 2024 focuses on sustainable financing for climate action

KATHMANDU: The PHDCCI India-Nepal Centre, in association with the Banking Finance and Insurance Institute of Nepal (BFIN), organised the third edition of its annual flagship programme, ‘Nepal BFSI Summit 2024’, in Kathmandu on December 18, 2024.

The summit's central theme was ‘Deepening Sustainable Financing for Climate Change Mitigation and Adaptation’. The event brought together distinguished policymakers and experts from Nepal, India, Germany, Australia, and the UAE to explore strategies for fostering sustainable development and addressing climate risks through innovative financial practices.

Minister for Forests and Environment, Ain Bahadur Shahi Thakuri, was the chief guest at the summit. Other notable speakers included Dr Prakash Kumar Shrestha, National Planning Commission (NPC) member; Finance Secretary Ram Prasad Ghimire; Australian Ambassador to Nepal, Leann Johnston; Indian Ambassador to Nepal, Naveen Srivastava; former Indian Ambassador to Nepal and Chair of the India-Nepal Centre, PHDCCI, Manjeev Singh Puri; and PHDCCI India-Nepal Centre Secretary Atul K Thakur.

The summit also featured insights from Binod Atreya, Managing Director of the Banking, Finance and Insurance Institute of Nepal (BFIN); Guru Prasad Paudel, Executive Director of Nepal Rastra Bank (NRB); Subodh Sharma, Professor of Environmental Science & Engineering at Kathmandu University; Sharad Tegi Tuladhar, Chief of Policy, E&S, and Climate Project at NMB Bank; Ajay Kumar Nayak, Pro Vice Chancellor at CUTM; Raja Ram Pote Shrestha, National Professional Officer for Environmental Health, WHO Nepal; Susil Dev Subedi, Director at the Nepal Insurance Authority; John Argiro, CEO & Founder of Argiro Credit Platform; Nour Taher, Senior Credit Product Specialist at S&P Global Market Intelligence; Sushil Bhatta, Eminent Policymaker & Former CEO of Investment Board Nepal (IBN); Upendra Prasad Poudyal, Chairman of Nabil Bank and President of the Confederation of Banks and Financial Institutions of Nepal (CBFIN); Deepak Shrestha, Vice President of the Nepal Chamber of Commerce (NCC); Anand Jha, Vice President (Head of Government Engagement: India & South Asia), Visa Inc.; Deepak Rauniar, Founder of Oorja World & Former CEO of the Employees Provident Fund, Nepal; Hari Gopal Risal, Assistant Professor at Kathmandu University; Uttam Bhola Lama, Executive Member & Chairperson of the Banking & Insurance Committee at the Nepal-India Chamber of Commerce and Industry (NICCI); Anil Keshary Shah, Chairperson of Lead Nepal Inc.; Senator Honorary Consul Prof Georg Bouche of IU International University; Kushal Gurung, President of the Renewable Energy Confederation of Nepal; Pujan Dhungel Adhikari, Director of the Nepal Insurance Authority; Trupti Mhatre, General Manager of EXIM Bank of India; Meena Bhatia, Professor of Accounts & Finance at BIMTECH; Nawa Raj Dhakal, Executive Director of the Alternative Energy Promotion Centre (AEPC); and Ram Bahadur Yadav, CEO of National Laghubitta Vittiya Sanstha.

Minister Thakuri highlighted the impact of rising global temperatures on key economic sectors and emphasised the need for sustainable financing and the critical role of financial institutions in driving the transformation needed for climate action. Finance Secretary Ghimire discussed the Finance Ministry's collaboration with NRB on the recent release of the Green Taxonomy, a significant step demonstrating MoF’s commitment to channelling finance towards sustainable and climate-friendly activities. The Green Taxonomy aims to encourage investments that reduce carbon emissions, improve resource efficiency, conserve biodiversity, and enhance climate resilience. This alignment of Nepal's financing strategies with global climate change efforts is expected to have a positive impact.

The wide-ranging participation in the summit highlighted a shared commitment to aligning financial mechanisms with the urgent need for climate action. Each of the dignitaries expressed deep concern over the impacts of climate change and outlined the strategies and policies they are actively implementing to address climate risks. Their collective vision emphasised creating a climate-resilient environment for a sustainable future. Australian Ambassador Johnston mentioned the Australian government’s support for Nepal in enhancing sustainability and minimising climate change impacts.

"Climate change is a real threat, especially for South Asian countries like Nepal and India, which are already experiencing its impacts, such as melting glaciers and frequent floods. While we collaborate globally to tackle these issues, there is a strong need for regional solutions and cooperation, as we are the ones directly facing these challenges," said Indian Ambassador Srivastava.

The ‘Nepal BFSI Summit 2024’ facilitated a series of dynamic panel discussions and technical sessions, enabling policymakers, environmental experts, and industry leaders to exchange critical insights. These sessions revolved around the theme’s core aspects, such as fostering collaboration under ‘Showering People, Planet, and Cooperation’, leveraging ‘Innovation in Green Financing’, and navigating the ‘Paradigm Shift in Sustainable Financing’. The panel discussions underscored actionable strategies and best practices to advance sustainable financing, enhance regional partnerships, and fortify Nepal's resilience to climate risks. This milestone marks not only a celebration of shared achievements but also a renewed commitment to advancing the BFSI sector’s role in sustainable development and climate change.

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