At COP29 in Baku, the Asian Development Bank (ADB) announced a significant funding initiative to address the growing water crisis and protect agricultural resources in Asia, particularly due to the rapid melting of glaciers. ADB President Masatsugu Asakawa revealed that the bank will allocate $3.5 billion over the next seven years to strengthen glacier protection, ensure sustainable water management, and provide support for vulnerable communities affected by climate change.
Speaking at a ministerial meeting on “Climate Change and Regional Cooperation to Prevent Glacial Melting in Central and West Asia”, Asakawa highlighted the urgent need for action, noting that millions of people in the region are already experiencing the negative impacts of glacial retreat. “In the last three decades, 25% of the glacial mass in the highlands of Asia has been lost,” he said. “If global temperatures rise by just 1.5°C, half of the world’s glaciers could disappear, which would exacerbate the challenges for millions of people who depend on these glaciers for fresh water.”
The newly launched G2F (Glaciers to Farming) Programme is designed to address these challenges by focusing on three key areas: glacier protection, sustainable water management, and social support for communities that rely on glacial-fed rivers for agriculture and daily life.
Asakawa described the programme as a critical step in mitigating the impacts of glacial melting, which is already threatening food and water security across Asia. “Today, we are taking an important step forward with the launch of the G2F programme,” he said. “It will help ensure that vital water resources are safeguarded and that local communities have the support they need to adapt to the changing climate.”
COP29: A Milestone for Global Climate Action
COP29, being held from November 11 to 22 at Baku Stadium, marks Azerbaijan’s largest and most significant international event to date. This is the first time the country has hosted a COP summit, and the event has been a focal point for global discussions on climate action. During the summit, a Host Country Agreement and other critical documents were signed between the Azerbaijani government and the UN Framework Convention on Climate Change (UNFCCC) Secretariat.
One of the major priorities at COP29 is the establishment of a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance. This goal is aimed at mobilizing resources to support climate action across the world, particularly in developing countries. In line with this, the presidency of COP29 has introduced 14 initiatives that link climate action to the Sustainable Development Goals (SDGs). These initiatives include projects focused on green energy corridors, energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, and green digital technologies, among others.
A key proposal at COP29 is the creation of a Climate Finance Action Fund, which is intended to help achieve the critical target of limiting global warming to 1.5°C. This fund aims to provide the financial resources needed to accelerate global climate action and support countries in their efforts to transition to low-carbon, resilient economies.
Azerbaijan’s Commitment to Climate Action
Throughout the course of COP29, Azerbaijan has demonstrated a strong commitment to addressing climate change and environmental protection. The decision to host the summit in Baku reflects the global community’s confidence in Azerbaijan’s leadership in climate action. Azerbaijani President Ilham Aliyev underscored the country’s pivotal role in international climate efforts, emphasizing that Azerbaijan is committed to contributing to global solutions for mitigating climate change.
As COP29 continues, the discussions and initiatives launched at the summit will be key to shaping the global response to the climate crisis, with a particular focus on ensuring that developing countries have the resources and support needed to protect vulnerable communities and ecosystems. With the announcement of the ADB’s $3.5 billion funding commitment and other initiatives aimed at tackling the impacts of glacial melting, COP29 is marking a significant step toward more collaborative and action-oriented global climate solutions.
Staff Reporter
