Loss and Damage Fund urged to convene extraordinary meeting on aid to Nepal
Representatives of developing countries on the board of the Fund for Responding to Loss and Damage have called for an extraordinary meeting to consider Nepal’s request for funding after devastating flash floods. According to a preliminary assessment by the Nepalese government, more than 1,000 people were killed in the disaster, while damage amounts to about $5 billion.
As Climate Home News reports, Nepalese authorities directly appealed to the fund for financing on Monday. After that, eight board members representing countries in Africa, Asia, and the group of least developed states signed a letter requesting a meeting to consider the appeal.
Request for emergency funding
In the letter, the board members noted that the scale of loss of life, population displacement, and destruction of energy, transport, and economic infrastructure requires urgent consideration of support for the Nepalese government and affected communities. In their view, the flood is precisely the type of extreme weather event for which the fund was created.
The rules for the fund’s initial operational phase provide for the possibility of a rapid response. Its governing document allows financing of measures that complement humanitarian aid immediately after extreme weather events, as well as reconstruction or recovery in the short and long term.
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Limited resources of the fund
Governments agreed to establish the fund at UN climate talks in 2022. At the end of last year, it announced its first call for applications and received 180 proposals, mostly for long-term projects aimed at reducing climate risks. At the same time, the board has not yet approved any funding request or allocated money in response to climate disasters.
Under the current rules, the fund can provide no more than $20 million for a single project. Wealthy countries pledged to contribute $820 million to it, although not all of these funds have yet been received. The fund has earmarked a total of $350 million for expenditures, and without new contributions, its resources may be exhausted next year.
The U.S. Geological Survey reported that the floods caused a glacier collapse and a landslide that reached the valley floor and triggered catastrophic consequences downstream. Scientists also note that warming is linked to glacier retreat, the formation of glacial lakes, and an increase in the number of outbursts of such lakes.
