The COP29 Business, Investment, and Philanthropy Climate Platform (BIPCP) saw investor groups with over $10 trillion in assets proclaim their intention to collaborate on developing a clear vision and action plan to accelerate private capital deployment into climate markets.
The Asian Development Bank (ADB) pledged $3.5 billion in funding for a new initiative to mitigate the effects of melting glaciers, while Azerbaijan’s banking sector has set aside $1.2 billion for green projects until 2030.
Sweden pledged $730 million to the UN Green Climate Fund, increasing the total funding, commitments, and contributions to $5.430 billion on Finance, Investment, and Trade Day.
ADB inaugurated a new regional initiative on Friday to improve sustainable water usage and food security in Central Asia, the South Caucasus, and Pakistan, in response to the disastrous effects of melting glaciers.
ADB will conduct glacier risk assessments in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan, with funding from the Green Climate Fund (GCF).
These will serve as the scientific and technical foundation for the Glaciers to Farms program, which aims to raise up to $3.5 billion from a variety of actors, including ADB, GCF, other development partners, and the private sector, subject to those institutions’ board approval processes.
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