KATHMANDU, Dec 14: Experts stressed the need for an equitable green transformation in South Asia during the 15th South Asia Economic Summit (SAES XV), which concluded in Kathmandu on Friday.
The Summit, held from December 11 to 13, brought together economists, policymakers, and civil society leaders from South Asia and beyond to address sustainable and inclusive development challenges under the theme ‘Unleashing an Equitable Green Transformation in South Asia.’ Discussions focused on climate change risks, green finance, and regional cooperation.
Addressing the closing session, Nepal Rastra Bank Governor Maha Prasad Adhikari highlighted the increasing risks of climate change in South Asia, its impact on inequalities, and the urgent need to transition to a green economy. He stressed that economic transformation could be achieved through energy efficiency, resource optimization, and large-scale green infrastructure projects. Adhikari also noted Nepal’s progress in hydropower development and the issuance of a green taxonomy to attract financial sector investments in green energy.
10th South Asia Economic Summit kicks off
Other key speakers at the closing session included Govinda Bahadur Karki, Secretary of the Ministry of Industry, Commerce, and Supplies; Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI); Abid Kuyam Suleri, Executive Director of the Sustainable Development Policy Institute in Pakistan; and Dr Ratnakar Adhikari, President of the South Asia Watch on Trade, Economics, and Environment (SAWTEE). Dhakal underscored the importance of regional cooperation to address shared challenges, while Suleri described the SAES as a vital platform for policy discussions.
According to a press release issued by SAWTEE, the conference featured 16 sessions, addressing issues such as trade, industrial policy, and the role of green finance. During the second plenary session, participants discussed the alignment of climate action with industrial and trade policies, emphasizing the importance of South-South cooperation and effective national policies to achieve green industrialization. The third plenary session focused on green finance, highlighting its critical role in addressing climate change impacts. The participants expressed concerns about the limited accessibility and equity of green finance, which remains largely confined to assurances from developed countries and donor agencies.
Discussions also covered energy, agriculture, tourism, and small and medium enterprises (SMEs). Experts called for removing political, financial, and infrastructure barriers to green energy expansion, noting the region’s continued dependence on fossil fuels despite an ongoing transition. The summit also discussed the impact of climate change on vulnerable communities and ecosystems related to agriculture and tourism, with calls for protecting mountainous regions and promoting sustainable tourism. Participants also stressed the importance of formalizing SMEs, adopting circular economy practices, and enhancing resilience through integrated planning and disaster management, the press release stated.
The summit, organized by SAWTEE in collaboration with regional institutions such as Bangladesh-based Center for Policy Dialogue and the Sustainable Development Policy Institute of Pakistan, has been held annually since 2008. It has established itself as a leading platform for addressing development challenges and fostering cooperation in South Asia. This year’s summit concluded with a renewed commitment to achieving an equitable green transformation to combat climate change and promote sustainable development in the region.
