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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
ADB will conduct glacier risk assessments in Azerbaijan, the Kyrgyz Republic, Tajikistan, and Uzbekistan, with funding from the Green Climate Fund (GCF).<\/p>\n
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.<\/p>\n
Am I Tech Enough Redefines You Are Tech Enough: Tan Ting (Grace) Tang<\/a><\/p>\n