Nepal’s request for flood payout tests new climate-aid system
Nepal is seeking financial assistance from a new UN climate-aid fund to cover the estimated $5 billion in damages caused by catastrophic flooding. The request serves as a test case for the efficacy of global climate compensation mechanisms.
Why it matters
The outcome of this request will influence how developing nations access funding for climate-related disasters in the future.
Even as rescuers search for the thousands still missing in Nepal after catastrophic flooding that killed 1,250 people, the nation’s leaders face a second immense challenge — how to pay for recovery and rebuilding.The tab is expected to come to at least $5 billion, an…
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