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

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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...