India-Nepal Centre organised the 3rd edition of its annual flagship program “Nepal BFSI Summit 2024” on 18 December 2024 at Hotel Radisson, Kathmandu. The central theme of “Nepal BFSI Summit 2024” was “Deepening Sustainable Financing for Climate Change Mitigation and Adaptation.”

The Summit brought together distinguished policymakers, and experts from various countries such as Nepal, India, Germany, Australia and UAE to explore strategies for fostering sustainable development and addressing climate risks and its impact through innovative financial practices.

The “Chief Guest” of “Nepal BFSI Summit 2024” was Ain Bahadur Shahi Thakuri, Minister for Forests and Environment, Government of Nepal.

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; Ms Leann Johnston, Ambassador of Australia to Nepal; Naveen Srivastava, Ambassador of India to Nepal; Manjeev Singh Puri, 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; Mr 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; Mr Susil Dev Subedi, Director, Nepal Insurance Authority; Mr John Argiro, CEO & Founder, Argiro Credit Platform; Mr 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); Mr 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; Ms Nawa Raj Dhakal, Executive Director, Alternative Energy Promotion Centre (AEPC), Government of Nepal; Ram Bahadur Yadav, CEO, National Laghubitta Vittiya Sanstha Ltd.

Ain Bahadur Shahi Thakuri, Minister for Forests and Environment, highlighted the impact of the rising global temperature to 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.

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.

A wide-ranging participation in the Summit highlighted a shared commitment to aligning financial mechanisms with the urgent need for climate action. Each of the esteemed dignitaries 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 Ms 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. 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 to Nepal Naveen 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.