Financial institutions contribution imperative to combat climate change action: Minister Thakuri

By Ajay Chhetri, Kathmandu, Dec 19: Minister for Forests and Environment Ain Bahadur Shahi Thakuri said that financial institutions contribution is imperative as Nepal has been facing immense challenges in combating climate change impacts. 

Addressing the 3rd edition of  “Nepal BFSI Summit 2024”  in Kathmandu, Thakuri said that financial institutions will have to play imperative role to mobilize capital for climate friendly-project and sustainable development. Like insurance sector and micro-finance institutions has been crucial in protecting vulnerable communities, farmers, women entrepreneur who are on the verge of  climate change risk. 

Speaking to the summit, the former Ambassador to Nepal and Chair PHDCCI, India-Nepal Centre Manjeev Singh Puri said, “You need to start thinking what can you do in term of leveraging private finance for what is imperative for Nepal which is sustainable development in the green manner for the future”.

Indian Ambassador to Nepal Naveen Srivastava said that even as the countries of South Asia region India and Nepal join hands with global community to address this challenges. There is believe a greater need for regional collaboration and regional solution. India is moving towards cleaner energy transition and Nepal will transmit 1000 Mega Watts(MW) hydroelectricity to India and it will increase to 10,000 MW in next 10 years as India is on the way to become 3rd largest economy. He also added that India and Nepal can align in developing solar energy as India has ambitious plan to enhance solar energy power .  

Ambassador Srivastava said, “ Transition to sustainable future require significant investment.  For adaption, for development of clear technology, for creating renewable infrastructure. For this sustainable, affordable private finance is fundamental requirement”. 

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.

Dr Ram Prasad Ghimire, Ministry of Finance, Government of Nepal, also talked about MoF working closely with Central Bank of Nepal for recent release of the Green Taxonomy. This important step is a clear signal of 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. This, in turn, will enable Nepal to align its financing strategies with the global drive to combat climate change.

In association of Banking, Finance Insurance Institute of Nepal (BFIN) and PHDCCI India-Nepal Centre, the summit was organized on December 18 with the central theme of “Nepal BFSI Summit 2024” was “Deepening Sustainable Financing for Climate Change Mitigation and Adaptation.” 

Among others, the Summit was addressed by Dr Prakash Kumar Shrestha, Member - National Planning Commission, Government of Nepal; Dr Ram Prasad Ghimire, Finance Secretary, Ministry of Finance, Government of Nepal; Chair, India-Nepal Centre, PHDCCI & India’s Former Ambassador to Nepal; Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI; Dr Binod Atreya, Managing Director, BFIN; Guru Prasad Paudel, Executive Director, Nepal Rastra Bank; Dr Subodh Sharma, Professor of Environmental Science & Engineering, School of Science, Kathmandu University; Sharad Tegi Tuladhar, Chief - Policy, E&S and Climate Project, NMB Bank Ltd; Dr Ajay Kumar Nayak, Pro Vice Chancellor, CUTM; Mr Raja Ram Pote Shrestha, National Professional Officer, Environmental Health, WHO Nepal; Susil Dev Subedi, Director, Nepal Insurance Authority;John Argiro, CEO & Founder, Argiro Credit Platform;Nour Taher, Senior Credit Product Specialist, Credit & Risk Solutions, S&P Global Markey Intelligence; Sushil Bhatta, Eminent Policymaker & Former CEO, Investment Board Nepal;Upendra Prasad Poudyal, Chairman, Nabil Bank Ltd & President, Confederation of Banks and Financial Institutions of Nepal; Deepak Shrestha, Vice President, Nepal Chamber of Commerce (NCC); Anand Jha, Vice President (Head of Government Engagement: India & South Asia), Visa Inc;Deepak Rauniar, Founder, Oorja World & Former CEO, Employees Provident Fund, Nepal; Hari Gopal Risal, Assistant Professor, Kathmandu University; Uttam Bhola Lama, Executive Member & Chairperson, Banking & Insurance Committee, Nepal-India Chamber of Commerce and Industry (NICCI); Anil Keshary Shah, Chairperson, Lead Nepal Inc; Senator Honorary Consul Prof Georg Bouche, IU International University; Kushal Gurung, President, Renewal Energy Confederation of Nepal; Pujan Dhungel Adhikari, Director, Nepal Insurance Authority, Trupti Mhatre, General Manager, EXIM Bank of India; Dr Meena Bhatia, Professor - Accounts & Finance, BIMTECH; Nawa Raj Dhakal, Executive Director, Alternative Energy Promotion Centre (AEPC), Government of Nepal; Ram Bahadur Yadav, CEO, National Laghubitta Vittiya Sanstha Ltd.