Significant, but a Drop in the Ocean: Loss and Damage Fund allocates $20 million to Nepal
Summary
The Loss and Damage Fund has set aside about $20 million in emergency support for Nepal after the Bhote Koshi floods, but activists say the amount is far too small compared with the country’s estimated losses. Campaigners are calling for a much larger, faster and more accessible climate finance response for vulnerable communities.
Key Points
- The Fund for Responding to Loss and Damage has agreed to allocate about $20 million for Nepal after the August 26 Bhote Koshi floods, plus a separate $1.6 million oversight fee.
- Activists say the package covers only a tiny fraction of Nepal’s estimated $2.69 billion in disaster losses and damage, and far less than its reconstruction needs.
- Climate campaigners are urging wealthy countries to increase contributions and create a faster emergency response mechanism.
- The money is not yet available for immediate disbursement because Nepal must first submit a detailed proposal for approval.
