UN climate disaster fund moves to provide US$20 million in aid for Nepal
The UN climate fund has agreed to set aside US$20 million in aid for flood-hit Nepal, marking its first funding decision, though the money still requires final approval.
The United Nations' climate loss and damage fund has pledged US$20 million in aid to Nepal, marking its first time providing funds to any country. This decision came during an emergency board meeting on Thursday, in response to the August floods that killed over 1,400 people and left 5,000 missing. Camila Minerva Rodriguez Tavarez, the Dominican co-chair of the board, called the outcome "truly historic".
Nepal's Finance Minister Swarnim Wagle welcomed the funding, though it represents less than 0.5% of the government's US$4.78 billion estimate for reconstruction. The money will first have to be approved by the board, with no firm timeline for the process. The fund's creation was a result of developing countries' demands for climate reparations, but critics have faulted its meagre pledges and lack of disbursed funds.
Some developed countries argued that Nepal's case should be seen as exceptional, not a precedent for the fund's future.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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