The Asian Development Bank has announced $3.5 billion in funding for a new program to combat the effects of melting glaciers, Lead Negotiator of COP29 and Deputy Minister of Foreign Affairs of Azerbaijan, Yalchin Rafiyev, said at today's press conference of the COP29 Presidency, APA reports.
"The Bank's efforts on sustainable water and food security will have a real impact on those at risk from glacier melt and fragile mountain ranges. Azerbaijan's banking sector has become more active in supporting a just transition to green projects and better current investments. Azerbaijan's banking sector has allocated $1.2 billion for green and sustainable projects. The Central Bank of Azerbaijan has also introduced a new green taxonomy for sustainable investments. I would also like to emphasize Canada's commitment to climate financing and the establishment of a climate peace agency. The Canadian government has announced a $1.5 billion climate platform to support adaptation. Canada's nine funds and factory organization have committed to $290 million for climate projects over the next year," said Yalchin Rafiyev.
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