Stakeholders have suggested focusing on long-term investment in green infrastructure, as Nepal is still in the early stages of infrastructure development. Experts gave this recommendation during the first session of the Nepal Infrastructure Conference 2024, jointly organized by the Ministry of Physical Infrastructure and Transport and the Confederation of Nepalese Industries (CNI) in the capital.

In the first session of the conference on ‘Sustainable Development,’ speakers such as Dr. Rekon Chung, board member of South Korea’s Ban Ki-moon Foundation for a Better Future, Dr. Denis Ganendra, CEO of Minconsult Malaysia, Robert Dobias, advisor at the Climate Change Center, National Research Council of Thailand, and Arup Rajouria, president of Climate Change and Co-existing Worldwide (CCCEW), shared their suggestions regarding sustainable development.

They suggested that since infrastructure development in Nepal is still limited, future investments should focus on green development that integrates with nature, rather than just concrete infrastructure. According to them, investing in green infrastructure would enable sustainable development. They emphasized the need to create infrastructure that does not harm nature, utilizes low-carbon raw materials, and prioritizes mass transportation over private vehicles.

Dr. Rekon Chung, a board member of South Korea’s Ban Ki-moon Foundation for a Better Future, mentioned that South Korea realized its mistake of investing solely in grey infrastructure and is now focusing on green-centered infrastructure. He stated, “When developing infrastructure, we must consider the social cost of carbon and climate change. Without doing so, we cannot develop infrastructure in the right way.” He added that many developed countries have recognized the importance of green infrastructure and are now making improvements.

Robert Dobias suggested that future development should focus on creating policies that do not disrupt nature. Similarly, Denis pointed out that the economy needs more circularity and that the private sector should also advance by investing in available technologies. He stated, “There are many options for developing green infrastructure, but we must move forward by removing the obstacles that come with it.”

Due to the uncertainty of the future caused by climate change, it is necessary to plan according to how the existing infrastructure will be impacted by new infrastructure. It was also emphasized that the private sector plays a crucial role in securing investment for infrastructure.

It has been highlighted that while the returns on green infrastructure are currently low, the government should provide policy-level support to facilitate investment in this area. They suggested advancing the green bond initiative in an integrated manner to promote investment in green infrastructure.

Rajesh Kumar Agrawal, the president of the Confederation of Nepalese Industries, who chaired the session, emphasized that the discussion highlighted that sustainable development is no longer a distant goal but has become essential for both Nepal and the world. He stated that sustainable infrastructure is a capital for Nepal’s long-term prosperity and stressed the need to prioritize projects that are not only environmentally sustainable but also socially inclusive and economically practical.

They proposed five financial instruments for mobilizing resources for infrastructure, including private equity infrastructure funds, local currency bonds, and sovereign credit ratings.

Source: kantipur