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UN climate damages fund makes first country allocation, $20 million to Nepal
The UN fund for climate loss and damage earmarked $20 million for Nepal after an August disaster, the first time it has allocated money to a specific country. Nepal estimates its losses at $5 billion, and the fund has pledges of $820 million against requests worth $2.8 billion.
Why it matters
It is the first payout from the fund that vulnerable countries campaigned for at UN climate talks.
Background
The loss and damage fund was agreed at the COP27 climate summit in 2022 to help poorer countries recover from climate disasters. Floods hit the Nepal-Tibet border in August.
Sources
- The Hindu ↗Oct 22, 1:40 PM ET
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