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Climate finance: Who pays to close the inequality gap?

The UN's annual climate finance target of $100bn is not nearly enough to help poorer countries cope with the consequences of global warming.

By Sarah Dawood

This article was originally published in March 2022. The issue of climate finance is a key focus at Cop27 climate conference which began in Egypt on Sunday. Funding from rich countries is now vital for global climate action.

Monsoon season in Nepal is typically from June to August. But in October 2021, the country witnessed an unseasonal amount of rainfall that led to disastrous consequences. Floods stemming from the Karnali River killed more than 100 people; homes, roads and bridges were destroyed; livestock was lost; essential crops were ruined. “People were crying in the rice paddy lands,” Radha Wagle, joint secretary of Nepal’s Ministry of Forests and Environment, tells Spotlight. “We could do nothing.”

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