A coalition of investor groups managing more than $10 trillion in assets announced during COP29 their commitment to develop a unified vision and action plan aimed at accelerating the flow of private capital into climate-focused markets.
The Asian Development Bank (ADB) revealed a $3.5 billion initiative to tackle the effects of melting glaciers, while Azerbaijan’s banking sector pledged $1.2 billion towards green projects by 2030.
On Finance, Investment and Trade Day, Sweden committed $730 million to the UN Green Climate Fund, increasing the total climate finance contributions to $5.43 billion.
ADB also launched a regional program to enhance sustainable water use and food security in Central Asia, the South Caucasus, and Pakistan, addressing the severe impacts of glacial melt. Supported by the Green Climate Fund (GCF), ADB will conduct glacier risk assessments in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan to provide a scientific foundation for the “Glaciers to Farms” program.
This programme aims to mobilise up to $3.5 billion, pending institutional approval, from ADB, GCF, and private sector partners. Alongside water and agricultural investments, the programme will aid communities vulnerable to glacial melt, particularly in fragile mountain regions.
Zakir Nuriyev, President of the Azerbaijan Banks Association, announced a $1.2 billion commitment from Azerbaijan’s banking sector to foster green projects until 2030, supporting the country’s shift to a low-carbon economy. This follows the Central Bank of Azerbaijan’s introduction of a green taxonomy to guide sustainable investments.
Sweden’s $730 million contribution to the UN Green Climate Fund aims to assist low- and middle-income countries in climate adaptation and emission reduction efforts. This brings Sweden’s total contributions at COP29 to $749 million, following a €19 million donation to the Fund for Loss and Damage earlier this week.
