$5 billion disaster cost: Rich nations should foot climate bill, says Nepal minister

Nepal's Foreign Minister Shisir Khanal contends that wealthier nations must shoulder a fair share of the responsibility for assisting countries most vulnerable to the climate crisis, despite contributing the least to it. Nepal recently experienced one of its most devastating natural disasters when a tsunami-like flood, triggered by a glacier collapse along the Nepal-China border, caused widespread destruction.

Over 1,400 people lost their lives, 6,000 remain missing, and the economic fallout is estimated to exceed $5 billion. Khanal emphasized that these climate-related issues are no longer just theoretical, but are becoming increasingly real as temperatures rise and glaciers continue to retreat. Scientists attribute the disaster to a "compound crisis" resulting from local geological instability coupled with long-term warming.

Nepal, which contributes only 0.1% of global greenhouse gases, has contributed negligibly to climate change, yet bears the brunt of its consequences. The minister argued that rich countries should not only provide assistance during disasters, but also offer financing to help Nepal build resilient communities. Khanal met with high-level officials in New York, where the US pledged $31 million in additional flood recovery support, and the G7 countries announced informal aid commitments.

However, Nepal's needs are immense, with preliminary estimates exceeding the $5 billion cost of the disaster. Nepal has requested $20 million from the UN's Loss and Damage fund, but the fund remains severely underfunded. The minister expressed optimism about the cash assistance and rescue efforts provided by Nepal's neighbors and diaspora, but stressed that more technical assistance is needed to develop advanced warning systems and monitor glacial melt.