Nepal BFSI Summit holds discussion on sustainable financing for climate change

Organised by 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) experts discussed aspects relating to the impact, mitigated ways and adaptation to climate change.

Prominent leaders, policymakers and financing experts held discussions on the theme 'Deepening Sustainable Financing for Climate Change Mitigation and Adaptation' focusing on innovative strategies for promoting sustainability and addressing climate risks within the BFSI (Banking, Financial Services, and Insurance) sector.

"Climate change is a reality; particularly for us- the countries in South Asia which are all developing countries and negative effects of climate change have been visible in the last few years. Whether it is the melting of glaciers, frequent incidents of floods and the consequent damages to life and properties, it all in a sense reflects the adverse effects we are facing in the region due to climate change. Even though countries of the South Asia region including Nepal and India join hands with the global community to address these challenges, there is I believe a regional need for collaboration and regional solutions. Because, ultimately it is a problem that we have to face," Indian Ambassador to Nepal, Naveen Srivastava said.

During the one-day summit, Industry leaders, environmental experts, and policymakers engaged in a series of panel discussions and technical sessions, sharing insights on how financial institutions can drive sustainable development and support the transition to a low-carbon economy.

In addition, it also focused on the collaborative role of financial institutions in 'Showering People, Planet, and Cooperation', the potential for 'Innovation in Green Financing', and the 'Paradigm Shift in Sustainable Financing' required to address emerging climate challenges.

"You need to start seeing what can you do in terms of leveraging private finance for what is an imperative for Nepal, which is sustainable development and development in a green manner for the future. You need to start looking in terms of vehicles that you can do, special purpose vehicles, what can you do in terms of bond flotations, and in terms of reaching out to entities in our region. Let me make a plug for India, today- the fifth largest economy, on its way to becoming the third largest economy and a country which has 'Bikshit Bharat'- developed India from 1947 but also net-zero by 2070 as a domestic target. We are going to be a huge-massive economy in terms of both action and in terms for resources for the action. I leave the plug with you, think about what you can do innovatively, and creatively in the area of financing by leveraging private finance, and institutional finance," Manjeev Singh Puri, Chairman of PHDCCI, India as well as former Indian Ambassador to Nepal highlighted.

The Nepal BFSI Summit 2024 aims to strengthen the role of the BFSI sector in achieving sustainable growth by addressing pressing issues such as climate finance, regulatory innovation, and green investment opportunities. (ANI)