Kathmandu, Dec 13 (PTI) The South Asia Economic Summit concluded here on Friday, with experts underscoring the need to advance sustainable and inclusive development based on the green economy.
Prominent economists, policymakers, the business community and civil society leaders of the South Asian region participated in the three-day international summit with the theme “Unleashing an equitable green transformation in South Asia”.
Addressing the summit's opening session, Minister for Commerce, Industries and Supply Damodar Bhandari said regional challenges like sustainable development and climate change should be tackled through collaboration and action-oriented measures.
Pointing to the increasing risks associated with climate change in South Asia and their devastating consequences, the Governor of Nepal's central bank Maha Prasad Adhikari underlined the need for advancing economic transformation by pursuing a green economy and efficiently mobilising resources.
“Less than 3 per cent of the total global climate adaptation finance went to the least developed countries, and the ten countries most affected by climate change, including Nepal, received only less than 2 per cent of the total climate finance between 2000 and 2019," pointed out Govinda Bahadur Karki, secretary at the Ministry of Commerce and Industries, citing a 2023 report by global think tank Climate Policy Initiative.
“There is a need for the most vulnerable communities of the region to work together for solutions as we tackle the twin problems of economic inequality and climate change,” he said.
The summit was organised by the South Asia Watch on Trade, Economics and Environment, Nepal. Around 150 experts, government officials and representatives of non-governmental organisations from Bangladesh, India, Nepal, Pakistan and Sri Lanka participated in the summit.