Countries vulnerable to climate disaster push for faster, easier access to finance at COP31

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Developing countries want to make finance for climate adaptation and disaster relief a top priority at the COP31 summit in Turkey in light of the recent devastating floods in…

Developing countries want to make finance for climate adaptation and disaster relief a top priority at the COP31 summit in Turkey in light of the recent devastating floods in Nepal — a tragedy that has laid bare the inadequacy of current programs, experts say.

A group of African countries succeeded on Monday to put financial commitments on the agenda of the UN climate negotiations in Antalya, which run through Nov. 20.

They say they're seeking a measure of justice at the talks, as smaller, more vulnerable nations suffer the impact of climate change despite their relatively low emissions — and action is urgently needed as the UN now expects the world to overshoot the 1.5 C global warming target set by the 2015 Paris Agreement.

Several finance-related proposals are on the table, including measures like a "debt pause clause" that could help countries in the aftermath of climate disasters, and more funding to help compensate countries that suffer damage to their infrastructure, culture and economy.

Developing countries, who need loans and grants to fund climate-related measures, also want a clearer and faster process for spending the billions of dollars that have already been pledged by richer donor nations like Canada.

Sagar Dhakal, a member of Nepal’s delegation to the summit, said the "whole world" recently saw what climate change means to his country in the Himalayas.

“Within 10 minutes, we have lost roughly more than 7,000 people,” said Dhakal, referring to the devastating flash floods caused by a collapsed glacier that swept down the Trishuli River north of Kathmandu in August.

More than 1,450 people have been confirmed dead and almost another 5,300 remain missing due to the floods, which destroyed towns and cost billions in damages.

In response last month, the UN’s Fund for Responding to Loss and Damage — created three years ago to compensate developing countries for climate-related losses — made its first payout, earmarking $21.6 million US for Nepal.

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