Stakeholders have called for timely preparedness to minimize the damage caused by climate change. They made such remarks during the ‘BFSI Summit-2024,’ organized by the Banking, Finance, and Insurance Institute of Nepal (BFIN) in collaboration with India-Nepal Center under the PhD Chamber of Commerce and Industry (PHDCCI). On the occasion, experts emphasized that while Nepal has a minimal role in contributing to climate change, all sectors must act collectively to address its impacts.

Inaugurating the summit, Minister for Forests and Environment Ain Bahadur Shahi Thakuri highlighted the growing frequency of natural disasters like floods and landslides due to climate change. “The floods and landslides in late September alone caused losses worth Rs 46 billion,” he said, urging immediate action to mitigate such impacts. He added that the conference would provide valuable support to government initiatives.

Indian Ambassador to Nepal, Naveen Srivastava, noted that both Nepal and India face similar challenges from climate change and should collaborate to tackle these issues. Dr. Binod Atreya, managing director of BFIN, stated that the summit focused on addressing the impact of climate change through sustainable finance.

With the theme ‘Intensifying Sustainable Finance for Climate Change Mitigation and Adaptation,’ the summit brought together policymakers and financial experts to discuss strategies for enhancing sustainability within the Banking, Financial Services, and Insurance (BFSI) sector while addressing climate risks.

Participants stressed the need for banks, financial institutions, and insurance companies to acknowledge the risks posed by climate change and redirect investments toward green, climate-friendly, and sustainable sectors. More than 200 representatives from banking, insurance, hydropower, and other industries attended the event. Panel discussions in three sessions covered key topics such as ‘People, Planet, and Cooperation,’ ‘Green Financing,’ and ‘Sustainable Financing.’

Dr. Atreya announced that a report summarizing the issues and recommendations from the summit would be submitted to the government and stakeholders, aiding the formulation of relevant rules, regulations, and guidelines.