Nepal set to receive first-ever US$20 million payout from UN climate damage fund
The United Nations’ climate loss and damage fund moved to provide US$20 million in aid sought by flood-stricken Nepal – the first time it has set aside money for any country – in a key test of the body’s credibility. In an extraordinary meeting on Thursday, the fund’s board agreed to earmark the modest sum for the Himalayan country, which was hit in August by tsunami-like floods triggered by a…
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.
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- UN climate disaster fund moves to provide US$20 mn aid for Nepal channelnewsasia.com
