Nepal BFSI Summit 2024: A Bold Step Towards Climate-Resilient Growth

The Nepal BFSI Summit 2024, held on December 18, 2024, at Hotel Radisson, Kathmandu, emerged as a pivotal event in shaping sustainable financial strategies for climate action.

Organized by the India-Nepal Centre of PHDCCI in collaboration with the Banking, Finance Insurance Institute of Nepal (BFIN), the Summit convened policymakers, experts, and industry leaders from across Nepal, India, Germany, Australia, and the UAE.

Under the theme "Deepening Sustainable Financing for Climate Change Mitigation and Adaptation", the Summit provided a platform to discuss innovative financial practices aimed at combating climate risks while fostering sustainable growth.

Key Highlights of Nepal BFSI Summit 2024

1. Focus on Sustainable Financing

Mr. Ain Bahadur Shahi Thakuri, Nepal’s Minister for Forests and Environment, stressed the urgent need for sustainable financing to mitigate the economic impacts of rising global temperatures. He emphasized the crucial role financial institutions play in driving transformative climate action.

2. Nepal’s Green Taxonomy

Dr. Ram Prasad Ghimire, Finance Secretary of Nepal, unveiled the Ministry of Finance’s collaboration with Nepal Rastra Bank to develop the Green Taxonomy. This framework encourages investments in climate-friendly activities, promoting carbon reduction, resource efficiency, and biodiversity conservation.

3. Regional and Global Collaboration

Ambassadors and dignitaries highlighted the importance of partnerships in combating climate change.

• Australian Ambassador Ms. Leann Johnston reaffirmed Australia's commitment to supporting Nepal’s sustainability efforts.
• Indian Ambassador Mr. Naveen Srivastava emphasized regional cooperation, citing shared challenges like glacier melting and floods in South Asia.

Dynamic Panel Discussions and Technical Sessions

The Summit featured insightful discussions on:

• Green Financing Innovation: Exploring innovative financial solutions to drive climate-friendly investments.

• Regional Collaboration: Strengthening partnerships between Nepal, India, and neighboring nations to address shared climate risks.
• Paradigm Shifts in Sustainable Financing: Transforming the financial sector to align with global sustainability goals.

Voices of Change

The event brought together distinguished leaders such as:

• Dr. Prakash Kumar Shrestha, National Planning Commission, Nepal
• Mr. Upendra Prasad Poudyal, Chairman, Nabil Bank Ltd
• Dr. Subodh Sharma, Professor, Kathmandu University
• Ms. Trupti Mhatre, General Manager, EXIM Bank of India

Their collective vision emphasized the creation of climate-resilient financial ecosystems to ensure sustainable development.

Looking Ahead

The Nepal BFSI Summit 2024 showcased a unified commitment to tackling climate change through sustainable financing. By fostering innovative strategies and international collaboration, the Summit positioned Nepal’s BFSI sector as a key player in global climate action.

As nations rally to meet sustainability goals, the Summit serves as a beacon of hope and a call to action for regional and global stakeholders to prioritize climate resilience.