According to Amac News: The Asian Development Bank (ADB) has allocated $3.5 billion for a new program aimed at addressing the impacts of melting glaciers. Meanwhile, Azerbaijan's banking sector is reported to have set aside $1.2 billion for green projects until 2030.
Zakir Nuriyev, President of the Azerbaijan Banks Association, stated that these resources will be dedicated to projects that assist the country in transitioning to a low-carbon economy.
Additionally, Sweden announced a contribution of $730 million to the UN Green Climate Fund (GCF), bringing the total contributions and pledges to $5.43 billion on Finance, Investment, and Trade Day. Sweden noted that this amount will support low- and middle-income countries in investing in adaptive measures to protect their communities against climate change.
This brings Sweden’s total contributions at COP29 to $749 million, including a €19 million donation to the Loss and Damage Fund made earlier this week.