Sustainability Solutions holds roundtable discussion on harmonising Nepal's sustainability reporting standards

KATHMANDU: Sustainability Solutions held a roundtable discussion on 'Sustainability Reporting: Harmonising Nepal's Regulations with International Standards' today.

The discussion provided a platform for meaningful dialogue, addressing synergies, gaps and actionable strategies to enhance sustainability disclosures in Nepal.

Key industry leaders, regulators and ESG professionals explored the alignment of Nepal's regulatory framework with International Sustainability Disclosure Standards and the Global Reporting Initiative.

Sustainability Solutions has compiled a report on Nepal’s regulatory framework and the key stakeholders involved to assess industry-based sustainability interests.

Representing the banking sector, Sharad Tuladhar, E&S and Climate Project at NMB Bank, said, “Compliance with the standards and criteria of international reporting standards like GRI, SASB, TCFD and ISSB is a gradual process requiring a dedicated team within the bank. Sustainability disclosure ensures organisations provide environmental and social returns in a sustainable manner in addition to economic contributions to the country.”

During the discussion, representatives from the hydropower, investment, insurance and forestry sectors shared their long-term commitment to delivering sustainability reports and stressed the shared responsibility to reach set targets.

Founder of Sustainability Solutions, Sandeep Shrestha, said, “We are not advocating for one reporting standard or another. First, it is about mindset. What are the necessary regulatory changes to be made with the right partners, and what are the basic frameworks that the industry can adopt and integrate while working in tandem with the governance bodies?”

“Sustainability Solutions has penned guidelines for E&S officers at organisations to adhere to international standards,” said Shrestha. “There is a need for mandates to hold companies accountable for their sustainability targets. In an advisory role, we can build sustainability systems and strategies for companies.”

A sustainability report is necessary for companies acquiring insurance or seeking loans. A standard in sustainability reporting enhances the risk assessment capacity of providers as well as promoting business growth through sustainable practices.