Four weeks after the floods, the crisis in Nepal is far from over

It’s been four weeks since flash floods tore through entire communities in Nepal. Four weeks since the world witnessed the scale of the devastation. The terror. The loss of lives. The grief.

As of today 1,453 people have died, 5,644 remain missing and 13,795 have been rescued.

The headlines have quietly faded away – but the crisis remains more urgent than ever.

What’s unfolding in Nepal right now:

  • 40,000 people have been displaced
  • Nealy 1.6 million people have been directly or indirectly impacted by these floods
  • Local authorities are still looking for thousands who remain missing
  • Displaced communities are looking for shelter, water, healthcare other basic necessities
  • UNICEF estimates that over 17,000 children are directly affected, with 18 schools completely destroyed and 20 heavily damaged

And these numbers don’t even come close to capturing what people have lost and the incredibly long road that lies in front of them as they try to rebuild. And what’s worse is that these numbers are expected to rise.

ActionAid’s response

ActionAid Nepal has been on ground helping with the relief efforts since the very first day. We have delivered food and essential non-food assistance to 450 households across Rasuwa, Dhading and Nuwakot.  

In Rasuwa alone, ActionAid delivered:

  • 1,400 kg of food supplies (beaten rice, mixed dalmot and roasted chickpeas)
  • 200 blankets
  • 180 sleeping bags

ActionAid has also managed to transport the essential equipment required to supply generator-based electricity in Rasuwa.  

ActionAid Nepal has been working alongside communities in the country for decades. That local presence meant that when the floods hit, our colleagues and partners were already there and ready to help. They understood the local context and, most importantly, they could listen to people affected by the floods and respond to what they told us they needed in the moment.

Sadly our work is not over – there is a long road ahead to recovery.  

Four weeks have passed since the devastating flash floods in Nepal.

But what lies ahead for the people left with nothing for the next four weeks? The next four months? The next four years? The people of Nepal deserve our attention. They need our help to rebuild what they have lost. They need our help to move beyond survival and think of a future.

Urgent funding is needed to provide life-saving assistance, shelter, food, clean water and protection services to families whose lives are now shattered by this tragedy.

The headlines may have moved on – but we are still there. And we need your support.

Please donate today and help us continue standing alongside communities in Nepal for however long it takes.

Protesters holding End Fossil Fuels banner at a climate demonstration, advocating for renewable energy solutions.

Protestors at COP 28 in Dubai. Photo: Konrad Skotnicki.

Climate protest with diverse crowd holding signs about environmental action in a city square.

Belfast Climate Change March, 2019. Photo: Trócaire.

The Profit Driving the Crisis

Despite their overwhelming contribution to global emissions, fossil fuel companies continue to attract significant financial backing—driven by their enduring profitability. This is starkly illustrated by the case of ExxonMobil, the top fossil fuel investment held by asset managers based in Ireland. In 2023, ExxonMobil reported €33.63 billion ($36 billion) in profit. That is almost twice the GDP of Botswana (€18.1 billion) and nearly three times Namibia’s GDP (€11.5 billion).

Ireland plays a hugely disproportionate role in facilitating investments into fossil fuel companies like ExxonMobil. In 2023, the investments made into fossil fuel companies by investment managers based in Ireland generated an estimated 72.5 million tons of CO2e. This is more than the CO2e emissions for the entire country of Ireland—and more than ten times that generated by Sierra Leone.

The Global Human Impact

The climate crisis is here, now, and it is causing disproportionate harm in the Global South. In Bangladesh, rising sea levels and increasingly severe cyclones are displacing coastal communities, with projections indicating that 17% of the entire country could be underwater by 2050. The legally binding Paris Agreement on climate change explicitly acknowledges the importance of tackling private finance. Its three overarching goals are: keeping below 1.5C of warming; increasing adaptation and making finance flows consistent with low emissions and resilience.

This gives a clear mandate for action:  both tax reform and corporate regulation are needed to tackle financial flows, and both nationally in Ireland and at EU level, ‘polluter pays’ taxes are lacking and regulation of the financial sector remains weak and fragmented. While EU regulation exists, it is designed more to nudge investors toward more sustainable investment practices by increasing transparency and reporting levels than to enforce strict standards. And it is moving in the wrong direction: the recently passed EU Corporate Sustainability Due Diligence Directive excluded investments; and now the EU Commission’s Omnibus legislative proposal threatens to undo the limited gains made on climate plans, as well as blocking future attempts for stronger action at national level.

The Risk of Inaction

Fossil fuel investment is too profitable to remain weakly regulated. If Ireland continues with its current strategy of encouraging FDI at all costs, and relying on weak EU regulation, we are headed for catastrophe. The Inter-governmental Panel on Climate Change has repeatedly warned that every fraction of a degree beyond 1.5°C brings irreversible consequences: collapsed ice sheets, vanishing coral reefs, and extreme weather events that will make vast regions of the planet uninhabitable. And yet, companies are developing oil and gas fields that could push global warming beyond 2°C.

Our research found that 91% of the investments made into fossil fuel companies by investment managers based in Ireland were to companies that have plans for fossil fuel expansion like these. Ireland cannot afford inaction on this issue.

About This Research

The figures in this report regarding investment from Ireland are based on new research commissioned by ActionAid Ireland and Trócaire. In the paper, we uncover the scale of fossil fuel investment through Ireland, who the investors are, and in which fossil fuel companies they are investing.  We analyse the current regulatory framework and explain why it is inadequate—and moving in the wrong direction. And we make specific recommendations for change, which are summarised below.

Summary of Recommendations

Regulate the private financial sector
Ireland must end its outsized role as an enabler of destructive fossil fuel investment. Ireland should introduce a strong gender-responsive national human rights and environmental due diligence framework which includes the regulation of investors with respect to human rights and the environment and climate. The transposition of the EU Corporate Sustainability Due Diligence Directive could achieve this if downstream activities are included and the Omnibus proposal is rejected. Ireland should prohibit investments in fossil fuel expansion and require investors to implement climate transition plans consistent with a 1.5°C climate limit.

Endorse the Fossil Fuel Non-Proliferation Treaty
Ireland should endorse developing a Fossil Fuel Non-Proliferation Treaty to curb fossil fuel expansion and commit to a fair and funded phase out of fossil fuels.

Support tax justice
Ireland should support bold and fair new global tax rules through the UN Framework Convention on Tax, should adopt all OECD BEPS measures, and should conduct an updated and comprehensive spillover analysis of its tax policy. Ireland should take coordinated action globally, at the EU level and domestically to introduce a range of new taxes to mobilise finance needed for climate justice, based on ‘polluter pays’ and social equity principles such as wealth taxes for the highest earners, climate damages tax on investors, fossil fuel production taxes and levies on aviation and shipping.

Finance a just transition
Ireland must also meet its fair share climate finance obligations under Article 9.1 of the Paris Agreement, and pay our ecological debt to the Global South. Ireland should support conditionality-free debt cancellation for countries on the front lines of the climate crisis, commit to a new UN Framework Convention on Sovereign Debt, moving debt negotiations from the IMF to the UN, and to a debt workout mechanism that is fully representative and fair.

Further reading