COP29: ADB unveils $3.5 billion plan to address glacial melting and water crisis in Asia

The Asian Development Bank (ADB) will provide $3.5 billion in funding over the next seven years to protect water resources and agriculture, said ADB President Masatsugu Asakawa.

He made the remarks at a ministerial meeting on “Climate Change and Regional Cooperation to Prevent Glacial Melting in Central and West Asia” at COP29 in Baku, Caliber.Az reports.

He noted that millions of people in Central and West Asia are already feeling the negative impacts of glacier melting:

“Glaciers that feed vital rivers are melting rapidly. In the last 30 years, 25 per cent of glacial mass has been lost in the highlands of Asia. Even a 1.5°C rise in temperature could cause half of the world's glaciers to disappear. But today we are taking an important step forward with the launch of the G2F (Glaciers to Farming) programme. This programme will strengthen glacier protection measures, ensure sustainable water management, and provide social support to vulnerable communities,” Asakawa added.

COP29, being held from November 11 to 22 at Baku Stadium, marks Azerbaijan’s largest and most significant event to date and is the first time the country has hosted a COP summit. The event witnessed the signing of a Host Country Agreement and other crucial documents between the Azerbaijani government and the UN Framework Convention on Climate Change Secretariat.

A key focus of COP29 is the establishment of a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance. The presidency of COP29 has introduced 14 initiatives that connect climate action to the Sustainable Development Goals, including green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, green digital technologies, and more. One of the proposed initiatives is the creation of a Climate Finance Action Fund aimed at achieving the critical target of limiting global warming to 1.5°C.

Azerbaijan's commitment to mitigating climate change and protecting the environment has been evident throughout COP29. The unanimous decision to elect Azerbaijan as the host for this summit reflects the global community’s trust in the country’s leadership on climate action, as President Ilham Aliyev highlighted, underscoring Azerbaijan's important role in global climate efforts.

By Khagan Isayev