Nepal BFSI Summit 2024: A Strategic Leap toward Climate Mitigation and Sustainable Growth

The event brought together leaders, policymakers, and experts from various countries to explore strategies for fostering sustainable development and addressing climate risks and its impact through innovative financial practices

Photo: Courtesy of BFIN

The Banking, Finance and Insurance Institute of Nepal (BFIN) in collaboration with the India-Nepal Centre of the PHD Chamber of Commerce and Industry, (PHDCCI) held a conference titled “Nepal BFSI Summit 2024” on December 18, 2024, in Kathmandu. 

The conference was centered on the theme “Deepening Sustainable Financing for Climate Change Mitigation and Adaptation”. The event brought together distinguished leaders, policymakers, and experts from various countries such as Germany, Australia, Dubai and India to explore strategies for fostering sustainable development and addressing climate risks and its impact through innovative financial practices.

Minister for Forests and Environment Ain Bahadur Shahi Thakuri was the Chief Guest of the event which saw participation of Dr. Prakash Kumar Shrestha, Member of the National Planning Commission; Dr. Ram Prasad Ghimire, Finance Secretary; Leann Johnston, Ambassador of Australia to Nepal; Naveen Srivastava, Ambassador of India to Nepal; and Manjeev Singh Puri, Chair, India-Nepal Centre, PHDCCI, Former Ambassador of India to Nepal.

Minister Thakuri highlighted the impact of the rising global temperature on the overall key economic sectors and emphasized the need for sustainable financing and the critical role that the financial institutions play in driving the transformation needed for climate action.

Finance Secretary Ghimire stated that the Ministry of Finance worked closely with the central bank for the recent release of the Green Taxonomy.

This important step is a clear signal of the ministry's commitment to channeling finance toward sustainable and climate-friendly activities. 

The Green Taxonomy will not only encourage investments that reduce carbon emissions but will also improve resource efficiency, biodiversity conservation, and climate resilience., which, in turn, will enable Nepal to align its financing strategies with the global drive to combat climate change.

Each participant expressed deep concern over the impacts of climate change while outlining the strategies and policies they are actively implementing to address climate risks. 

Their collective vision emphasized creating a climate resilient environment for a sustainable future. 

The Australian Ambassador to Nepal, Leann Johnston, mentioned the support the Australian government has for Nepal in enhancing sustainability and minimizing climate change impacts needed for the country.

“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,”  Johnston said.

Similarly, Ambassador Srivastava said:  “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.” 

The conference 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.

Dr. Binod Atreya, Managing Director of BFIN, highlighted the critical role that financial institutions play in pioneering efforts to foster sustainability and climate resilience. 

Highlighting the critical role that regulatory bodies, government agencies, and international organizations play in fostering a climate-resilient environment, he pointed out that the summit served as a pivotal platform to bridge gaps and reinforce Nepal's leadership in regional sustainable financing initiatives.

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