The Finance, Investment, and Trade Day at COP29 featured leaders from the business, finance, and philanthropic sectors. These investors, with a combined asset value of $10 trillion, united to accelerate the deployment of private capital into climate markets.

$4.5 Billion in New Initiatives

The Asian Development Bank announced, on Friday, a significant investment of $3.5 billion for a new program aimed at addressing the impact of melting glaciers. Additionally, the Azerbaijani banking sector pledged $1.2 billion for green projects through 2030.

$730 Million to the Green Climate Fund

Sweden announced a contribution of $730 million to the United Nations Green Climate Fund, bringing the total financing, pledges, and contributions on the Finance, Investment, and Trade Day to $5.43 billion.

The Asian Development Bank also launched a regional program to promote sustainable water use and food security in Central Asia, the South Caucasus, and Pakistan, in response to the challenges posed by melting glaciers. With support from the Green Climate Fund, the Asian Development Bank will conduct glacier risk assessments in Azerbaijan, Kyrgyz Republic, Tajikistan and Uzbekistan. These assessments will provide the scientific and technical foundation for the “Glaciers to Farms” program, which aims to mobilize up to $3.5 billion from a variety of sources, including the Asian Development Bank, the Green Climate Fund, other development partners, and the private sector. The program will support vulnerable communities at risk from melting glaciers, particularly in fragile mountainous regions.

Green Projects in Azerbaijan

Zakir Nuriyev, Chairperson of the Azerbaijan Banks Association, announced a pledge on behalf of the Azerbaijani banking sector to allocate $1.2 billion for the development of green and sustainable projects in Azerbaijan until 2030. These funds will assist projects that contribute to Azerbaijan's transition to a low-carbon economy. This pledge follows the Central Bank of Azerbaijan's introduction of a new green taxonomy to guide sustainable investments.

Sweden’s Contributions to COP29

In a related development, Sweden's $730 million contribution to the UN Green Climate Fund will help low- and middle-income countries invest in adaptation measures to protect their communities from climate change, as well as initiatives aimed at reducing emissions. This brings Sweden's total contribution to COP29 to $749 million, which includes an earlier €19 million contribution to the Loss and Damage Fund.