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

Developed collaboratively by PwC India and CNI, it provide insights into the various risks faced by key
industries, especially the MSMEs of Nepal and make 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, it advocate for adaptation as a crucial risk mitigation
strategy, detailing how businesses can integrate climate resilience into their operations, value chains, and capitalise 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 highlights 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 scientific assessment of climate risks to each business, identifying and implementation of adaptation actions at 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. He further highlighted
the report’s comprehensive coverage of the roles assigned to diverse stakeholders, including governments and multilateral/bilateral agencies. Specifically, the document addresses the pivotal role played by these entities in championing adaptation as a paramount strategy for risk mitigation, while concurrently fostering support for the overarching national climate adaptation initiatives.
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. I encourage businesses to leverage the insights provided in this report and take proactive measures to integrate climate adaptation into their strategies, this is good for business and for society at large. Together, with all stakeholders, we can build a resilient and sustainable future for all.”
Nirvana Choudhary, vice president of 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 onNepal and adaptation is a
crucial risk mitigation strategy for the communities as well as the businesses. This report marks a
milestone in Nepal’s progress in establishing a conducive environment for businesses to take up
adaptation action. The insights of the report is expected to support businesses safeguard their own
operations and value chain. It is crucial that relevant stakeholders come together to pool in resources to build resilience, reduce vulnerabilities, and maintain operational continuity amid changing climate
realities. This not only safeguards businesses but also contributes to the overall economic stability of the nation.”
In crafting a roadmap for Nepalese 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. The report also addresses the role of finance and decision support mechanisms in facilitating adaptation by Nepalese businesses.

This collaborative effort signifies a significant milestone in understanding and addressing the challenges posed by climate change to businesses in Nepal. The report serves as a valuable resource for businesses, policymakers, and entities committed to fostering climate resilience in the region.