In the run-up to the third Nepal Investment Summit this weekend, there have been seminars, conferences and workshops where the discourse has revolved around the economy and the investment climate.
The consensus that Nepal needs foreign direct investments (FDI) to grow was repeated, and the familiar litany of reasons about why it has not been able to was discussed.&nbsp;
Policy advocates and regulators have understood that the lack of urgency is compounded by procedural inconsistencies, on top of the already deficient investment environment in the country.
It is a welcome change from what used to be flippantly accepting matters as given. There now seems to be a sense of urgency, with procedural inconsistencies and lack of harmonisation between various Acts and regulations openly discussed.&nbsp;
Government stakeholders also appear more willing to learn and attempt to be part of the solution. Whatever policy changes have been introduced in the past have been piecemeal and address the few rather than the entire industry. This left dual regulatory approaches aimed at similar players.&nbsp;
Read also: <a href="https://nepalitimes.com/opinion/killing-investment-in-nepal-in-10-easy-steps">Killing investment in Nepal in 10 easy steps</a>, Dibesh Karmacharya
This time, unlike in the past two Summits, the government seems to be committed to amending 9 Acts, a positive step towards showing commitment to change. However, the deadline to do so during the winter session of Parliament is over. The option mooted has been to have it passed through ordinance, a lesser appealing step; albeit, a positive one moving forward.&nbsp;
To attract FDI in a competitive global market means that Nepal has to demonstrate that it is serious about bringing in investments with a more consultative and collaborative approach with investors. A departure from procedural to a result-oriented focus is needed.&nbsp;
To put issues in perspective, Nepal needs US$20 billion in investments to meet the UN’s Sustainable Development Goals (SDG) targets by 2030. If net-zero decarbonisation targets are to be met by 2045, another US$7 billion will be required annually.&nbsp;
Looking at our investment history and poor government capital expenditure, the gap is long and wide. In fiscal year 2022-23 Nepal booked a lamentable ~$59 million in FDI (equity). Nepal is in fact the lowest market in South Asia for FDI with 0.3% of the regional average.&nbsp;
What is it that we can do to fill the gap?&nbsp;
First, we need to move away from the notion that Nepal only needs large investments. This has proven to be a mistake, and time series data have proven that smaller investments, in aggregate, make a larger impact on economies.&nbsp;
Read also: <a href="https://nepalitimes.com/news/poor-cash-rich-nepal">Poor cash-rich Nepal</a>, Sonia Awale
We talk about an ‘enabling environment’ but without the right tools. We place restrictions on interest on debt ceiling (SOFR +5.5), without risk premium adjustments, we do not have an active secondary market for bond trading, nor do we have a yield curve, an integral part of the bond market, which is inhibiting us from tapping into the trillion dollar green bond market.&nbsp;
In order to attract green financing, Nepal needs to develop its bond market. Sovereign risk rating has been mooted and was expected to be operationalised before the Investment Summit.&nbsp;
However, to be rated in an adverse economic environment could further deteriorate investment potential due to a lesser-than-expected rating.&nbsp;
Hedging is another instrument that needs further research on. A commercial bank last year showcased the first risk-hedging mechanism for an investment of $8 million. This can be the beginning to expand on its modality. &nbsp;
Subordinated debt instruments have been introduced, but on a special nod basis, this now needs to be institutionalised as it is the most applicable form of investment after equity in a market that has volatile forex reserves.&nbsp;
Read also: <a href="https://nepalitimes.com/editorial/invest-in-investment">Invest in investment</a>, Nepali Times
Viability Gap Funding has been introduced by multilateral development agencies implemented in solar installations. It is a tool to incentivise the private sector to invest in projects that are not financially lucrative initially, but have potential for profitability in the long run. This needs to be scaled up and replicated in sectors like infrastructure, where returns may not be immediate.
Moving forward, to attract FDI, Nepal needs to tap into the funds that are available for the growth of small and medium enterprises (SMEs) and climate change. Alternative investments such as Private Equity Venture Capital (PEVC) have been around in a structured manner in Nepal for nearly a decade now.
These funds have blended finance components and have attracted climate funding as well. PEVC is a new asset class and can address the issues of penetrating into SME financing by incorporating environment, social and governance issues into their investment process.&nbsp;
SMEs are the backbone of any economy, PEVC comes with the ability not only to scale up the enterprise with risk capital, but with the ability to bring technical knowhow to enhance not only the enterprise but also the entrepreneur.&nbsp;
Read also: <a href="https://nepalitimes.com/opinion/success-in-nepal-means-not-having-to-work">Success in Nepal means not having to work</a>, Anil Chitrakar
A differentiator from all other forms of financing available till date in Nepal. Blended finance is a way of de-risking investments, especially in frontier markets. Business Oxygen (BO2) is an example of blended finance with subordinated debt investments of IFC (World Bank Group) taking the lead and Climate Investment Funds along with FCDO as co-investors.&nbsp;
On a larger scale, the 216MW Upper Trisuli 1 is another example of blended finance with IFC, a Korean consortium and local investments. So far, we see that development finance Institutions have been taking the lead in Nepal as their risk appetite is greater than commercial investors and they are eager to help develop the financial markets.&nbsp;
In order to be sustainable, we need to step on this and attract commercial capital from all over the world. To do this there has to be political will to make that pivot.&nbsp;
Instead of being a means to an end, the two previous Investment Summits turned out to be intermittent and cosmetic, providing hardly any results. The third one’s success will depend on how the event will be implemented as a platform for continuous marketing for the country and facilitation for investors in future.&nbsp;
Nepal has outdone many countries in its macro-economic indicators, with sound forex reserves and a stellar history of debt payments to its creditors. This story needs to be propagated along with the drive for change to attract potential investors.
Read also: <a href="https://nepalitimes.com/opinion/comment/alternative-investments-to-attract-fdi">Alternative investments to attract FDI</a>, Siddhant Raj Pandey

Siddhant Raj Pandey

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Nepal looks at alternative investments

Fenerbahçe Beko won the Turkish Airlines EuroLeague finals in Abu Dhabi, held 23-25 May, defeating Monaco 81-70 in the final. Olympiacos, who defeated Panathinaikos 97-93, finished the series in third place. The Most Valuable Player (MVP) of the final match, Nigel Hayes-Davis from Fenerbahçe Beko, received a prize of 1,000,000 Miles&amp;Smiles from Turkish Airlines’ Chief Commercial Officer Ahmet Olmuştur. The carrier has been the title sponsor of the Turkish Airlines EuroLeague, a top tier tournament, since 2010.

Turkish Basketball

Thousands of Nepali students dreaming of an American education have been forced to look elsewhere as the Trump administration’s visa restrictions make their future uncertain.
The US was long considered a top destination for higher studies, making Nepal the 10th biggest country of origin for international students in America.&nbsp;
However, that number has seen a significant decline with the total for Nepali students now at 16,482. Some 8,000 Nepali students obtained no-objection certificates to study in the US from the Ministry of Education in the past year.&nbsp;
India, Australia, Canada, South Korea, United Kingdom and Japan are the other popular destinations for Nepali students. There are no clear numbers for Nepalis going to India, but a slight decline was noted this year after the deaths of two female students.
The US State Department has issued a circular to its embassies not to issue new visas to applicants until further notice. US Secretary of State Marco Rubio in the directive stated that the department planned to expand the screening of applicants' social media.&nbsp;
While new applicants are barred including those applying for visitor visas, students with scheduled interviews are allowed to proceed.
“Many of our students are affected by the new restrictions, but those who had applied for student visas earlier have got interview dates,” one Kathmandu-based college counsellor told us.
Meanwhile, even foreign students with spotless records already in the US have not been spared, as visa scrutiny intensifies under the new policy. In a move that underscores the growing sense of insecurity, many US colleges advised international students to carry their passports and documents at all times, even when traveling locally.
“Me and my friends did not go home this summer because we were not sure we would be allowed back, so we just went to Niagara Falls,” said a Nepali undergrad in Ohio, who like many interviewed for this report did not want her name used for fear of repercussion.
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Nepali students have adopted a cautious stance, with many choosing not to return home during summer vacation due to fear of visa revocations as well as travel bans. Meanwhile, over 7,000 Nepalis with Temporary Protected Status (TPS) will have to come back to Nepal by 5 August or face deportation. Thirty-seven were flown back to Kathmandu on Omni Air last week.
“The US is one of the most sought-after destinations for higher education, and the ban will definitely impact bright students,” says Narottam Aryal of the King’s College in Kathmandu.
Indeed, Nepali undergraduates admitted into Ivy League colleges for the 2025 academic year have been asked to look for alternatives. The entire Fulbright Foreign Scholarships Board resigned on Wednesday citing interference from the Trump administration on the selection of this year’s cohort. Some Nepali students already on Fulbright scholarships have noted disruptions, delays and even cancellation of stipends.&nbsp;
The student visa restrictions were initially just for foreign students admitted to Harvard University, but it was later extended to all Chinese students and now to all students. Universities like Columbia which actively recruit foreign students, face sharp enrolment declines, threatening their financial stability and diversity.
An Indian female PhD candidate at Columbia University had her visa revoked by the US State Department, and said she was targeted on the basis of her social media posts on Israeli military attacks in Gaza. Social media vetting of political activism has raised concerns about privacy and freedom of expression in a country where such rights were a given.
Many students have been informed via email that their visas have been revoked for getting speeding or parking tickets, but even others with no criminal record have been affected. The fear of deportation looms large amongst international students, including those from Nepal.&nbsp;
For most Nepalis who migrate to the US for education, the journey is a high-stakes investment. They come largely from middle-class families, often rely on a patchwork of scholarships, work-study programs, loans, or even the sale of family assets to afford fees.
Most Nepali students pursue STEM subjects which offer extended Optional Practical Training (OPT) periods that help fund their education. But with the US backsliding on education and humanitarian matters, countries like the UK and Canada are becoming more attractive despite their own recent stricter controls on student visas.&nbsp;
The UK universities saw a 63% rise in Nepali students’ admissions in 2024. Japan is another popular destination with 64,816 Nepali students enrolled as of 2024.
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Already, China, Hong Kong and Malaysia are poised to benefit from the increased scrutiny of US student visas. Several Hong Kong universities are offering unconditional admission to affected students, while Malaysian institutions are targeting previously US-bound Asian students. China and India have 330,000 and 280,000 students respectively in America, but the numbers for China have seen a sharp drop in the past year.
Elsewhere, branch campuses of American institutions such as NYU in Abu Dhabi, Georgetown in Dubai and Northwestern in Doha are getting more admission applications, and universities in the Gulf region are expanding infrastructure to accommodate those who would otherwise have gone to the US.&nbsp;
Even educational institutions in Nepal are hopeful that the US visa restrictions can be an opportunity to at least keep Nepali undergrads in Nepal, and also attract foreign students from the region.&nbsp;
“Many students might choose to complete their undergraduate degree here in Nepal and then move abroad for their Master’s degree later,” says Aryal of King’s College. “There was a need for quality higher education in Nepal anyway in terms of innovation and opportunities, so this could be the time to reduce our dependence on other countries.”
Nepal’s strategic position between India and China makes it sensitive to US policy shifts. India, a key ally, is also under US scrutiny for potential student travel restrictions. Chinese universities are already offering more scholarships to Nepali talent to capitalise on the US retreat.
American universities have challenged student visa restrictions in the courts. A federal court in Boston revoked the blanket ban on Harvard, and the State Department has ordered the resumption of processing student and exchange visitor visas.&nbsp;
Some are still hoping that President Trump will backtrack on the student visa restrictions, just like he has done with many of his more drastic executive orders.
Even so, the visa see-saw and longer-term uncertainties about living in the United States and its education system means students across the world are making alternative plans.
Says Aryal: “Policies of foreign countries change according to their needs, so excessive dependence was never a good idea. We should work to create different opportunities and choices of higher education within Nepal, so students are retained.” &nbsp;

America no longer prime destination for Nepali students

That winter day in January 1664 marked an exceptional event in the reign of King Pratap Malla of Kathmandu. It was 15 Paush 784 of the Nepal Sambat and for the first time, a historical event was being immortalised on canvas for generations to come.&nbsp; The occasion was the grand Tuladaan ceremony of the King’s youngest son Chakrabartendra Malla from his wife Anantapriya, an Indian princess from Cooch Behar in present-day Assam.&nbsp; During the ritual, the prince was weighed against gold, silver, pearls, and other precious stones, which were then offered to Goddess Taleju Bhavani, the guardian deity of the Malla dynasty.&nbsp; The 170 x120cm painting captures the time of King Pratap Malla in all its splendour and is more than a personal tribute to his son: it is a significant visual historical document. It was evidently completed five years later in 1669, and could be considered a photographic record, with retrospective recreation of the event by the unknown artist. A Tuladaan ceremony is performed to purify one’s karma, quell impending bad luck, or as an act of charity and devotion. Chakrabartendra Malla was not well, and the ritual was performed in hopes of restoring his health. King Pratap Malla had arranged for each of his sons to take turns ruling Kathmandu so they got administrative experience. But Chakrabartendra died just two days after assuming power in 1670 (790 NS). This painting is considered the earliest known example in which the composition is dominated by an architectural landscape: the Taleju Temple. Given the stylistic features such as side-profile facial depictions and the rendering of human forms, it is believed that the Nepali artist was trained by a Rajput master.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250615040624_ddad3bc27a327e3f9926c8473287e4f14b53081296c295049009f327a4d97051.jpg" data-media-id="editor_0" data-image-id="20250615040624_ddad3bc27a327e3f9926c8473287e4f14b53081296c295049009f327a4d97051" data-rendition-name="original" width="3248" height="4395" loading="lazy" alt="Tuladaan NT"> </figure>  During that era, there were regular exchanges of artists between Northern India and Kathmandu Valley. The painting is also a melding of Nepali, Tibetan, Mughal, and Rajput art styles of the time. Pratap Malla could have been inspired by a painting of Mughal Emperor Jahangir’s Tuladaan ceremony for his son Khurram in 1607. The Mallas and Mughals shared cordial relations, which is reflected in the cultural influences seen in the art and attire of the period.&nbsp; The clothing of the Malla ruling class, in particular, features colourful tunics, turbans, and jewelry that display strong Rajput and Mughal stylistic elements. The musicians in the upper tier are also dressed in Indian-style clothing, while the ensemble on the lower steps wear local attire, notably without turbans. Their hairstyles also differ, with the lower group wearing their hair tied in a bun at the front. This national treasure is currently in storage at the Collège de France in Paris, and has never been publicly displayed. Nepal’s art scholars like Gautam Vajracharya, Pratap Aditya Pal and Anne Vergati have written about this iconic paubha in the past, but the only detailed study is from the perspective of music history by researcher Richard Widdess who had access to high resolution copies of the original.&nbsp; Widdess from the Department of Music at the School of Oriental and African Studies (SOAS) in London describes the paubha as the most significant and richly detailed documentation of music in Nepali art. He identifies distinct musical ensembles on the terraces of the temple, and remarkably most of them are actively used today. One of them reflects the Mughal naqqārakhāna model — a loud outdoor ensemble typically composed of kettledrums, trumpets, and cymbals, traditionally performed from the gateway of the emperor’s palace to announce his entrances and exits. The depiction of such an ensemble in the tulādāna painting is likely the earliest known representation of a complete naqqārakhāna in Nepal — considered the forerunner of the panche baja, the traditional Nepali ensemble. On the stepped pyramid base of the temple are two groups of musicians playing local instruments: dhimey, bhushya, and dha. They are unmistakably Newar musicians, wearing short skirts and short-sleeved tops, with bare heads and legs—clearly distinguished as local performers.&nbsp; Higher still on the temple pyramid are musicians of apparently higher status, positioned close to the king, and his courtiers, possibly professional court musicians from India, well-versed in rāga and tāla. A dāphā group is also clearly depicted, identifiable by their characteristic instruments.&nbsp; Dāphā bhajan is likely the oldest surviving tradition of Newar devotional singing, and this paubha is the oldest visual record of it. Pratap Malla himself is believed to have composed songs that continue to be performed by dāphā groups throughout Kathmandu till today.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025061211064_d67636730cdc0ec778c02494817aca0b99654f2950d0fae4b95499a61faf7ef3.jpg" data-media-id="editor_1" data-image-id="2025061211064_d67636730cdc0ec778c02494817aca0b99654f2950d0fae4b95499a61faf7ef3" data-rendition-name="original" width="596" height="768" loading="lazy" alt="Priceless paubha in Paris NT"> </figure>  The artist’s thorough attention to musical detail may be attributed to King Pratap Malla’s own deep interest in music. His inscriptions on this painting and elsewhere proclaim his mastery of all branches of knowledge, including music. He is also known as the author of dance dramas and poems, penning his name as Kavindra (king of poets). Some noteworthy elements of new art techniques stand out: for example, the roof of the temple is filled with realistically rendered white doves, pigeons, and crows. This is a rare feature in paubha, where animals and birds are stylised, mythological forms. This remarkably talented unknown artist has managed to also render an orthographic projection: the front and side view of Nepal’s first architectural paubha. The Taleju Temple, with its staggering multi-tiered structure and numerous steps and platforms, is masterfully translated into layers within the painting. This represents a significant artistic achievement of the time, especially considering that dimensional perspectives had not started in deity-based paubha.&nbsp; The artist has also made a meticulous effort to capture architectural details such as the toran (ornamental arch) and temple struts with impressive precision. There are flickering lamps along the steps and some people carrying what appear to be oil pots.&nbsp; It is a full moon night and the dark sky is adorned with all the gods and goddesses, who are depicted as blessing the ceremony while seated on stylised thangka clouds. There is a lot happening in this painting, with people engaged in various activities. The artist has also rendered a forest backdrop behind the temple, complete with deer, trees, and flowers. Could there have once been a royal garden behind the Taleju Temple?&nbsp; More details and clarity can only be achieved if we are able to view the original or a high-resolution scanned version of the artwork. Many countries proudly display art depicting historical events in their national museums with great reverence. France, for example, has The Coronation of Emperor Napoleon and Empress Joséphine by Jacques-Louis David (1808–1822), along with numerous paintings of the Napoleonic Wars. Many were commissioned by Napoleon himself for future generations to remember.&nbsp; For Nepal, the equivalent is the Tuladaan paubha which is a visual record capturing a historic moment involving one of Kathmandu’s greatest kings, on the very day the event took place. Sadly, we await the day when this masterpiece is displayed, shared in high resolution for detailed study, or more rightfully — repatriated to its homeland, where it truly belongs. &nbsp; Shaguni Singh Sakya is the Director of the Museum of Nepali Arts (MoNA) at Kathmandu Guest House in Thamel. <h2>Gods homeward bound</h2> The Nepal Heritage Recovery Campaign and Nepal’s Department of Archaeology are convening the first international conference on the Recovery of Cultural Heritage from 16-18 June in Patan. The conference will address urgent issues of theft, illicit trafficking, the campaign to repatriate looted cultural artifacts, and explore how the return of sacred antiquities contributes to justice, healing, and reconciliation for communities and nations affected by cultural loss. American art crime professor Erin L Thompson and Saubhagya Pradhananga of the Department of Archaeology will deliver the keynote. Meanwhile, author and Nepali Times publisher Kunda Dixit will lead a conversation on Illicit Trafficking: Public Opinion and Role of Media with Erin Thompson, Amr Al Azm, associate professor of Middle East History and Anthropology at Shawnee State University in Ohio, as well as Bradley J Gordon, a lawyer based in Phnom Penh. There will be sessions looking at repatriation perspectives from Cambodia, India, Vietnam, China and Poland, international frameworks for repatriation, emerging digital technologies in the repatriation of cultural heritage, cultural property agreements, museums as well as trends in the art market, and heritage diplomacy and the role of media.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025061211068_59cfccfa8f5d73bfe8b4c5811a7f53abc09ea04e8cb7c638933d62e5283efdf6.jpg" data-media-id="editor_2" data-image-id="2025061211068_59cfccfa8f5d73bfe8b4c5811a7f53abc09ea04e8cb7c638933d62e5283efdf6" data-rendition-name="original" width="1080" height="1350" loading="lazy" alt="Heritage recovery NT"> </figure>  <h2> </h2> Some of the other highlights include James K. Reap, a professor in the Master of Historic Preservation Program at the University of Georgia who has a session on the US response to illicit trafficking. Art historian Lea Saint-Raymond is taking on “Gods at Auction: The Market for Himalayan Artefacts”, while lecturer of criminology at the University of Glasgow Emiline Smith is delving into transformative approaches to heritage ownership and repatriation. Helena Arose of Antiquities Coalition and Melina Antoniadis of NOSTOS Strategies that specialise on the return home of cultural heritage as well as Hao Liu of International Cultural Heritage Law at the School of Law at Shandong University are some of the others attending. The Nepal Heritage Recovery Campaign was set up in 2020 to develop a coordinated movement to reclaim Nepal’s stolen gods and goddesses, with an aim to ensure that recovered items are returned to their original shrines, niches or sanctums. Ahead of the conference opening organisers have arranged for a film screening of Loot &amp; Return: 4 Documentaries at YalaMaya Kendra in Patan Dhoka between 14-15 June. Following the conference is a multimedia exhibition titled Absent Gods: Nepal’s Lost Heritage from 31 July to 4 August at Patan Museum.

Priceless paubha in Paris

While Nepal was hosting the Sagarmatha Sambaad international climate conference in Kathmandu this month, on Mt Everest it was pretty much business as usual.&nbsp; The signs of climate breakdown are all there: a river now runs through Base Camp in summer, the Khumbu Icefall is more unstable, and there are more &nbsp;frequent avalanches. When expeditions arrived in March, the mountains were bare: it had not snowed since September, but then blizzards dumped unseasonal snow in May. And despite climate worries, such is the pull of Himalayan mountaineering that the Everest Industry showed no signs of slowdown. More than 600 international climbers and their Nepali guides had made it to the summit of the world’s highest mountain. At one point there were an estimated 2,000 people in the tent city on the Khumbu Glacier. All the ropes and ladders on the Icefall came down on Thursday, marking the official end of the spring climbing season, and just in time to avoid a monsoon cyclone approaching from the Bay of Bengal. It has been an action-packed season. One factor could be that Everest fees will go up from September: each foreign climber needs to pay a $15,000 royalty, up from the present $11,000. The cost for a Nepali climber on the South Col route will also go up: from Rs75,000 to Rs150,000.&nbsp; The fee to climb Everest in autumn is $7,500 (up from $5,500), but most climbers still prefer spring. Winter permit fee (December-February) is only $3,750 per person and the mountain is now also open for monsoon (June-August) climbs, when the fee is ever lower at $2,750. The revised rule also makes it mandatory for every two climbers on an 8,000m peak to hire one Nepali mountain guide.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025053004050_67f856fe52714e4bdcf21ae7d45c6f18c82117b9d0a5f73ed1efa04c96de1046.jpg" data-media-id="editor_0" data-image-id="2025053004050_67f856fe52714e4bdcf21ae7d45c6f18c82117b9d0a5f73ed1efa04c96de1046" data-rendition-name="original" width="931" height="732" loading="lazy" alt="The Everest Industry graph 1"> </figure>  In addition, climbers also have to pay for porters and guides, equipment, Base Camp costs, Ice Fall and fixed rope team fees, so climbing Everest does not come cheap. But such is the draw of climbing the world’s highest peak that some say the increased fees will not diminish the crowds next year. The government has tried to spread expeditions out to other seasons and other 8,000ers, but with not much success. Earlier this year, Nepal unilaterally increased the number of 8,000m peaks to 14 by adding six more sub-summits to broaden the choice for climbers. Added were: Yalung Kang (8,505m), Yalung Kang West (8,077m) &nbsp;Kangchenjunga Central (8,473m), Kangchenjunga South (8,476m), Lhotse Middle (8,410m) and Lhotse Shar (8,400m).&nbsp; The announcement could go against the accepted topographic criteria that a stand alone peak has to be at least 300m higher than an adjoining prominence, and at more than 3km isolation from it. The UIAA (Union Internationale des Associations d'Alpinisme) still recognises only 14 mountains as eight-thousanders, and only eight of those are in Nepal, or on the border with China. Nepal’s revised mountaineering regulations also increased the insurance coverage of high-altitude workers to protect porters and high altitude guides who usually take more risks on the mountains. Rescue teams and clean-up campaigners to collect trash and remove bodies of dead climbers up to Camp IV of Mt Everest do not need permits.&nbsp; The Sagarmatha Pollution Control Committee is now using drones to fly down trash in 20kg sacks. Each climber is also required to bring down at least 6kg of waste and not just their own, but this rule is erratically enforced. With five fatalities on Everest and Lhotse, Spring 2025 had a historically low death toll. Another five climbers died on Annapurna, Kangchenjunga and Makalu.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/2025053004050_38681de22f0fefb6faa12b01755566d09c5064d0ff84e12ccc7b5d68ea9ba38a.jpg" data-media-id="editor_1" data-image-id="2025053004050_38681de22f0fefb6faa12b01755566d09c5064d0ff84e12ccc7b5d68ea9ba38a" data-rendition-name="original" width="665" height="740" loading="lazy" alt="The Everest industry graph 2"> </figure>  Journalist Ben Ayers who ran the Everest Live social media channel from Everest Base Camp with daily updates credited the low death rate to dramatic rescues of climbers from the ‘Death Zone’ by their Nepali guides and longline helievacs — the visuals all uploaded on YouTube.&nbsp; “Ironically, this perception of safety is bringing more and more inexperienced climbers to the mountain, and they need more rescues,” Ayers said in one of his dispatches.&nbsp; American expedition chronicler and summiteer Alan Arnette suspects there is a lot of under-reporting given that the jet stream and storms were lashing Everest even till late in the season. He told us: “I heard a lot about frostbite and rescues that were not made public. It’s become practically impossible to cover the details on Everest. All the teams report nice news, and they don’t talk about bad stuff to avoid hurting businesses.” Although trash on Nepal’s mountains makes headlines, what does not receive as much attention is the climate impact of so many expeditions. The Sagarmatha Sambaad conference sidestepped this issue, which is ironic given that the impact of climate breakdown is most evident on Himalayan peaks and their glaciers.&nbsp; <h2>Need for Speed</h2> The big stories this year have been about speed-running from their home cities to the top of Everest. Ukrainian entrepreneur Andrew Ushakov flew out of JFK on 15 May at 10:15AM Nepal time, and was on the summit 3 days, 23 hours, and 7 minutes later on 19 May at 9:22AM.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250601080640_1c5cc6fc991307861768f07037ed9d30930fb20f35dbb57dc31c9a92a9e1a885.jpg" data-media-id="editor_2" data-image-id="20250601080640_1c5cc6fc991307861768f07037ed9d30930fb20f35dbb57dc31c9a92a9e1a885" data-rendition-name="original" width="1440" height="1800" loading="lazy" alt="The Everest Industry"> <figcaption>Andrew Ushakov at the summt. Photo: ELITE EXPED</figcaption> </figure>  “I could never find the time for the traditional 40-50 days of acclimatisation,” Ushakov explained matter-of-factly. His ‘Everest Sea-to-Summit’ climb was possible because he spent 400 hours in hypoxic sleep tents over the past four years in New York. However, Ushakov did use ropes already fixed, hired four Nepali guides, helicoptered to Base Camp, and used much more oxygen than an average climber. And after the climb, Ushakov was arrested at Kathmandu airport for being in possession of $20,000 of undeclared cash and spent a night in jail and fined $60,000.&nbsp; The other speedsters were Garth Miller, Alastair Cairns, Anthony Stazicker, and Kev Godlington, all former British Army commandos. They left London and summited five days later on 21 May, and flew right back. They also used hypoxic tents to simulate the thin air high on Everest.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20250601080644_90c8dd5cc07b4b43f2989b1dc0c0650ab80f10ebb06680c25a6909c519957bd8.jpg" data-media-id="editor_3" data-image-id="20250601080644_90c8dd5cc07b4b43f2989b1dc0c0650ab80f10ebb06680c25a6909c519957bd8" data-rendition-name="original" width="810" height="668" loading="lazy" alt="The Everest Industry "> <figcaption>All four members of the Furtenbach team at the summit. Photo: Sandro Gromen-Hayes</figcaption> </figure>  But more controversial was their use of xenon gas therapy in a German hospital to ramp up the production of oxygen-carrying haemoglobins in their blood. Xenon is banned by the World Anti-Doping Agency for being performance enhancing in sports. Expedition leader Lukas Furtenbach said this rule does not apply to mountaineering, as it is not a regulated sport like swimming. Nepal has no rules about xenon, but the Department of Tourism said it was launching an ‘investigation’ to decide on future policy since it is difficult to ban xenon, but allow oxygen. The controversy has also divided the mountaineering community, with some climbers saying they just want to maximise their chances of survival. Spending less time on the mountain could make climbing safer by reducing avalanche risk. It would also mean less trash on the mountains, but it would reduce the income of Nepal’s expedition industry. It is also unclear how much of the success was due to xenon therapy and whether the ex-special forces were already in good physical shape.&nbsp; The need for speed hides the fact that climbing in the Himalaya is dangerous business, and climbers cannot sprint to the top just by huffing xenon. But ultra-fast climbs could be charged more, and the revenue generated can be used to establish state-of-the-art rescue operations, and increase pay and insurance for guides. Two other speed chasers this season were Swiss-Ecuadorian Karl Egloff and American Tyler Andrews, both on Everest without oxygen. Andrews choppered to Base Camp to catch a weather window, but turned back from 8,500m due to high winds. Heavy snow and wind also forced Egloff to descend from 7,000m. Slow and steady climbers like Anja Blacha from Germany did make it to the summit without oxygen, while Kami Rita Sherpa broke his own record with his 31st Everest summit as he led a 26-strong Indian Army group. There were 468 permits issued for foreign climbers from 48 expeditions to Everest this spring. Nepal’s other eight-thousanders together had only 17 expeditions. Nepal has more than 1,000 peaks above 6,000m, and has opened only 476 of them for climbing.&nbsp;

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