Sachs suggest for developing hydel projects for SA market

Kathmandu, Dec. 4

Jeffrey D. Sachs, Professor of Economics at Columbia University and a leader on sustainable development, has suggested Nepal give emphasis to the development of large hydropower projects, infrastructure and communications, tourism and labour-intensive agro-industry, with special focus on the South Asian market.

Delivering a lecture on 'Sustainable development in an uncertain world', at a seminar organised by the National Planning Commission (NPC) here today, Professor Sachs said, "Nepal should simultaneously develop hydroelectricity projects and tourism, and enhance connectivity with China and India."

He recommended promoting hydroelectricity projects to generate 10,000-20,000 MW of power and exploring financing opportunities with the World Bank, Asian Development Bank, Asian Infrastructure Development Bank and other bilateral and multilateral funding institutions.

According to the professor, who is also a special advisor to the United Nations General Secretary Bank Ki-moon on Sustainable Development Goals (SDGs), once Nepal develops 10-20 gigawatts of power, it could earn the money required to finance further infrastructure development by exporting renewable energy.

"Enhance connectivity and develop transmission lines for better economic integration with the two large economies. Connectivity with South Asia and East Asia with fibre-optics, rail and road, air travel and transmission lines will open massive opportunities for Nepal. You should grow rapidly with the neighbours," he said.

However, he maintained that, at the same time, the country should work to improve social services like health, education and governance, and urbanisation.

Defining sustainable development as economic development that is socially inclusive and environmentally sustainable, Professor Sachs said that for such development there should be fairness in the distribution of gross domestic product (GDP).

He also drew the attention of the government and policy makers to unsustainable water harvesting and agricultural methods, massive loss of coral reefs, air pollution and melting of the Himalayas due to global warming.

He called for effective international collaboration to fight those problems.

"Global cooperation is a must to fight with global problems. No single country will be able to address the multiple development needs," he said.

Sachs, who is the director of The Earth Institute at Columbia University, United States, is known as one of the world's leading economists on economic development and poverty alleviation.

He has authored five books – The End of Poverty, Common Wealth: Economics for a Crowded Planet, The Price of Civilisation, To Move the World: JFK's Quest for Peace, and the Age of Sustainable Development.

For more than thirty years, Sachs has advised dozens of heads of state and government on economic strategy.

According to Dr. Swarnim Wagle, member of the NPC, Sachs has received more than 20 honorary degrees, and many awards and honors around the world, including the Blue Planet Prize for his contributions to solving global environmental problems.

Earlier in the afternoon, Professor Sachs had delivered his keynote speech at a high level policy forum on the SDG with members of the NPC and secretaries of the government.

Addressing the forum, he asked for reforms in the present governance system, and localising resources and vertical economic growth.