UN climate damages fund earmarks $20 million to Nepal for August disaster

AI Summary

The UN climate damages fund has earmarked $20 million for Nepal following an August disaster, marking its first allocation to a specific country. The amount is far below Nepal's estimated $5 billion in losses, while the fund has received $820 million in pledges against $2.8 billion in requests.

This is the first time that the Fund, set up in 2022, has allocated money to a specific country; amount is a fraction of Nepal’s own $5 billion loss estimate; so far, Fund has pledges for $820 million while fielding requests worth $2.8 billion