Devastated by floods, burdened by debt: Nepal still not getting the relief it needs, COP31 delegates hear from CBC

Flood losses outstrip pledged aid

Developing countries want climate adaptation and disaster relief financing prioritized at COP31. Experts say Nepal’s recent floods have exposed the limits of existing programs, which they describe as underfunded and slow to access.

More than 1,450 people have been confirmed dead, and almost 5,300 are still missing. The floods destroyed towns and caused billions of dollars in damage. Nepal delegate Sagar Dhakal said the disaster showed the world what climate change means for his country in the Himalayas.

The fund’s $21.6 million allocation covers less than one per cent of Nepal’s estimated losses, according to Sasha Jattansingh of Climate Analytics. Jattansingh said the first step showed the fund could respond quickly, but the amount was far below the damage.

Funding takes time to reach countries

Harjeet Singh, a climate finance campaigner in India, said it took about seven weeks for the fund’s board to meet and earmark money for Nepal. The funds have not yet been paid, he said; payment requires applications for specific projects.

Vulnerable countries, including low-income nations and small island states, are seeking a simpler way to access money for adaptation and mitigation. Singh said current procedures can be tedious and technical, particularly for governments with smaller bureaucracies.

COP31 negotiations are expected to press the Green Climate Fund, donor countries and other funders to make climate finance faster and easier to access. Developing countries also want clearer processes for using billions already pledged by richer nations, including Canada.

Debt adds pressure on rebuilding

Experts say Nepal’s experience also highlights the need for debt relief. After the 2015 earthquake killed thousands and left hundreds of thousands homeless, Nepal had to address its debt burden.

In 2027, Nepal is due to pay about US$400 million to service loans from the World Bank and Asian Development Bank. Experts say that money could instead support reconstruction.