India, Oct. 23 -- For the first time since it was operationalised at COP 28, the United Nations' (UN) Loss and Damage Fund has provisionally approved $20 million plus $1.6 million in oversight fees for Nepal on Thursday for the damage caused during August's Bhote Koshi River floods, which killed at least 1,000 people and left over 5,000 missing.

The Board for the Fund for Responding to Loss and Damage (FRLD) met at an "extraordinary meeting" on Thursday to address a formal climate-emergency funding request from Nepal for $20 million over a four-year period.

This accounts for only around 0.7% of the costs estimated to be incurred by Nepal during the disaster. However, it is the first time money has been allocated to or set aside for a co...