UN climate damages fund earmarks $20 million to Nepal for August disaster
This is the first time that the Fund, set up in 2022, has allocated money to a specific country; amount is a fraction of Nepal’s own $5 billion loss estimate; so far, Fund has pledges for $820 million while fielding requests worth $2.8 billion
The United Nations climate convention's Loss and Damage Fund has allocated $20 million to Nepal following a devastating August flood. This is the first time the Fund has set aside money for a specific country to address climate-induced damage. The country's government estimates the economic losses caused by the disaster at $5 billion, but the allocated funds represent only a small fraction of this total.
The allocation comes as the 31st UN Climate Conference, COP31, is set to commence in Turkey next month. Nepal Prime Minister Balen Shah has proposed the establishment of a Himalayan Climate Resilience Mechanism in collaboration with India and China to address the escalating impact of climate change on the fragile Himalayan ecology.
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