PwC India, CNI jointly launch report on climate change impacts and business adaptation

KATHMANDU, DECEMBER 13:  PwC India and the Confederation of Nepalese Industries (CNI) have together presented a whitepaper titled ‘Engaging Nepalese Businesses in Climate Change Adaptation’ to Prime Minister Puspa Kamal Dahal today.

Developed collaboratively by PwC India and CNI, it provides insights into the various risks faced by key industries, especially the MSMEs of Nepal and makes recommendations for holistic solutions that guide and support businesses to adapt to climate change and build their resilience.

By emphasising the role of businesses in climate adaptation, highlighting opportunities, current levels of action and challenges faced by enterprises, the whitepaper advocates for adaptation as a crucial risk mitigation strategy, detailing how businesses can integrate climate resilience into their operations, value chains, and capitalize upon opportunities emerging out of climate adaptation.

Addressing the global climate change emergency is the need of the hour. Countries, companies, citizens, businesses and governments alike must transcend borders and work collaboratively to tackle this challenge together. The release of the report holds special significance as it aligns with the efforts of the private sector globally to play a greater role in climate action.

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 of adaptation actions at a 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 Confederation of Nepali Industries, underscored the significance of the report, emphasizing its delineation of tangible measures and strategic plans aimed at formulating a comprehensive roadmap for the advancement of Nepali businesses.

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.”

Nirvana Choudhary, Vice President, CNI, said, “While Nepal has low per capita emissions and is a negligible contributor to global climate change, it is among the nations affected adversely by the outcomes of climate change. Climate change has far-reaching implications on Nepal and adaptation is a crucial risk mitigation strategy for the communities as well as the businesses.”

The ‘Engaging Nepalese Businesses in Climate Change Adaptation’ whitepaper is expected to serve as a valuable resource for businesses, policymakers, and entities committed to fostering climate resilience in the region.