Scheme launched to engage business sector in climate adaptation

Kathmandu, Dec. 13

PwC India and the Confederation of Nepalese Industries (CNI) have announced the launch of the ‘Engaging Nepalese Businesses in Climate Change Adaptation’ whitepaper, which they said was a significant milestone in Nepal’s efforts to tackle climate change impacts on its economy and businesses.

"Developed collaboratively by PwC India and CNI, we provide insights into the various risks faced by key industries, especially the Micro, Small and Medium Enterprises (MSMEs) of Nepal and make recommendations for holistic solutions that guide and support businesses to adapt to climate change and build their resilience," they said in a statement issued on Wednesday.

It read that the organisations advocate for adaptation as a crucial risk mitigation strategy while providing details on the ways of climate resilience that businesses could integrate into their operations, value chains, and capitalise on opportunities emerging out of climate adaptation.

The solutions prescribed in the report highlight actions that businesses can take to adapt to the evolving climate reality, emphasising the vital role they play in fostering a sustainable future for all. Some of these solutions include a scientific assessment of climate risks to each business, identifying and implementing adaptation actions at the business level, and greater collaboration  with other stakeholders such as the government, communities, multilateral/bilateral agencies and industry associations to pool in resources.

Rajesh Kumar Agrawal, the President of the CNI, underscored the significance of the report, emphasising its delineation of tangible measures and strategic plans aimed at formulating a comprehensive roadmap for the advancement of Nepali businesses.

Likewise, Jaivir Singh, Managing Director, PwC India, and Leader, PwC’s Global Office for Humanitarian Affairs, said, “Climate adaptation is not just a responsibility but a strategic imperative for businesses. It is critical for businesses to recognise the challenges posed by climate change, including increased costs, revenue loss, and decreased asset value, and to take proactive measures in adapting to this changing landscape."

In crafting a roadmap for Nepali businesses, the report outlines concrete steps and plans to pursue adaptation as a risk mitigation strategy and support national climate adaptation efforts. It discusses how different stakeholders such as the government, multilateral/bilateral agencies, and industry associations can play pivotal roles in enabling businesses to act upon climate change. 

Published in The Rising Nepal daily on 14 December 2023.