Sagarmatha Sambaad: FNCCI president urges global support for private sector access to int'l climate finance

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has highlighted the need to ensure private sector access to international climate finance mechanisms such as the Green Climate Fund.

Speaking on behalf of private sector at the ongoing Sagarmatha Sambaad in Kathmandu on Saturday, Dhakal stated that Nepal’s business sectors have been directly affected by climate change for a long time. He stated that the private sector is prepared to play an active role in addressing the issue.

He emphasised that direct access to climate finance mechanisms is essential to enhancing the effectiveness of the private sector’s contribution to climate solutions. “If Nepal is to adapt and respond effectively to combat climate change, private sector access to international climate finance resources must be simple and accessible,” he stressed.

Pointing out that disruptions in the value chain and crises in agriculture and tourism are consequences of climate change, FNCCI President Dhakal stated that the global community must take immediate action to address these challenges.

Highlighting ongoing efforts, he noted that hotels in Nepal are transitioning to solar energy, farmers are adopting climate-friendly methods, and hydropower companies are increasing investments in clean energy. He stressed the need for further support to expand these private sector initiatives.

Drawing global attention to the issue, Dhakal stated that the Himalayan region, known as the Third Pole, is warming faster than other parts of the world. He warned that this is leading to floods, landslides, and changes in river systems, affecting water supply, agriculture, and the livelihoods of millions.

He further stated that foreign investment and technology transfer would play a vital role in strengthening Nepal’s climate resilience. He informed delegates that the Government of Nepal has reformed more than 30 laws to create an investment-friendly environment, prepared a framework for bilateral investment agreements, and currently holds a foreign exchange reserve of $17.63 billion, urging international partners and investors to consider investing in Nepal.

Emphasising the urgency of protecting the Himalayas, securing the future of the people, and building an inclusive, safe, and sustainable future, FNCCI President Dhakal called on the global community to cooperate. He reiterated that the private sector remains committed to such partnerships and collaboration.