The International Finance Corporation’s (IFC) report titled ‘Climate Investment Opportunities in South Asia’, released last week, said Nepal holds USD 46.1 billion worth investment potential and would also fulfil its national climate targets promised under the Paris Agreement by 2030.

According to the report, Nepal offers such opportunities in key sectors such as transport infrastructure, renewable energy and municipal solid waste for the 2008-13 period as part of its moves towards achieving climate change targets.

IFC’s assessment was based on Nepal’s commitment under Nationally Determined Contributions (NDC) to the United Nations Framework Convention on Climate Change in October 2016.

Hydropower and Solar Energy, Among Others

In its NDC, Nepal promised generation and distribution of 12,000 MW hydroelectricity and 2,100 MW solar energy, better waste management and control of methane emission, while also equipping every rural household with smokeless cooking stoves by 2030.

Meeting all these requirements would mean almost USD 46.1 billion investment with 12,000 MW hydropower generation alone requiring USD 22.5 billion investment, says the report.

Besides, the Nepali Government’s policy to integrate technological solutions in the country’s agricultural sector would need another USD 4.8 billion.

Private Sector Participation

While highlighting the role of private sector, IFC called on the Government of Nepal to facilitate private-public partnerships and also conduct awareness programs on climate smart-projects to understand the financial benefits of investing in green projects.

The report also recommended revision of foreign ownership limits, restrictions on non-equity investments and sector caps for attracting foreign investment.

Overall, the South Asian countries, which contribute to seven percent of global CO₂ emissions, hold USD 3.4 trillion climate-smart investment opportunities to fulfil their national targets, highlights the report.

“The only way that the South Asian countries can take advantage of these climate investment opportunities is with a strong and engaged private sector,” says Philippe Le Houérou, CEO, IFC.

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The program, organized in collaboration with the Embassy of Republic of Korea (RoK) in Nepal, witnessed the participation of various representatives from the concerned organizations.

Speaking on the theme, “Role of private sector for sustainable development”, the representatives stressed on the need for public-private partnership for achieving SDG goals of Nepal.

Global Compact Nepal Vice-Chair Pradeep Vaidya called for public-private partnership for progress in Nepal’s SDG targets.

Highlighting the role of private sector, the representatives called for the creation of investment-friendly environment for the private sector to contribute to the country’s efforts to alleviate poverty.

While stating that Nepal holds good potential in various sectors such as agriculture, among others, the participants urged on the need for drawing foreign investment in Nepal.

In his address at the program, the National Planning Commission Vice-Chair Dr Swarnim Wagle informed that the local governmental policies and regulations are also in line with the Nepal’s UNSDG goals.

“Nepal has witnessed significant improvements in the areas of health and education in the recent years and the government is doing a role of facilitator to promote domestic and foreign investment in big projects,” he added.

Meanwhile, the Secretary at the Ministry of Industry Yam Kumari Khatiwada informed that the government has created a friendly environment to ensure skill development and employment at home.

RoK’s Ambassador for Nepal Park Young-Sik felt agriculture, tourism and hydropower sectors are key for Nepal’s SDGs.

UNDP Resident Representative in Nepal Valerie Julliand called for special focus on economic growth for attaining SDG goals.

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