Nepal’s US$2.5 billion flood bill puts UN climate fund to its biggest test yet

Nepal is seeking financial aid following the catastrophic flood that killed hundreds of people and caused billions of dollars in economic losses, tapping a global financial mechanism established to address the impacts of climate change in developing countries. Kathmandu has formally requested the UN-backed Fund for responding to Loss and Damage to “respond rapidly, directly and effectively” amid the country’s worst natural disaster in decades. In a letter signed by Finance Minister Swarnim Wagle...