ADB expands climate and resilience financing commitments at COP31 in Türkiye

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ADB expands climate financing at COP31

Highlights

ADB formalizes membership in Türkiye Industrial Decarbonization Investment Platform, signs €620 million HILAL earthquake-resilient hospitals project, and secures $500 million in VakıfBank loans for SMEs in Türkiye.
ADB advances $3.5 billion Glaciers to Farms program for water and agriculture, and partners on flood warning systems in Nepal and Bhutan for regional resilience.
ADB launches Regional Programmatic Approach for Climate Action with $250 million Green Climate Fund grants plus over $800 million ADB investment, and Norway pledges $100 million guarantees unlocking $450 million in additional lending.

COP31 commitments and financing agreements

As reported by the Asian Development Bank, President Masato Kanda tells leaders in Antalya that the next phase of climate cooperation must focus on delivery, with faster access to finance and quicker execution for vulnerable communities.

Speaking on behalf of multilateral development bank heads at an event with the COP31 Presidency, Kanda calls for stronger coordination to simplify financing, speed up projects that can withstand natural hazards, and convert national priorities into concrete investment outcomes. At a high-level dialogue on green industry, he also says development banks need to absorb more risk and lower borrowing costs so developing economies can modernize industry and support job creation.

ADB also formalizes its membership in the Türkiye Industrial Decarbonization Investment Platform alongside the European Bank for Reconstruction and Development, the World Bank Group, and the Climate Investment Funds. The bank additionally signs a memorandum of understanding with the OPEC Fund and agreements with Türkiye's Finance Minister Mehmet Şimşek covering a 620 million euro HILAL earthquake-resilient hospitals project.

In parallel, 500 million dollars in public and private sector loans through VakıfBank are signed to expand longer-term financing for small businesses, with a focus on less developed provinces, earthquake-affected areas, and women entrepreneurs.

Regional resilience and wider development impact

Beyond Türkiye, ADB uses the COP31 meetings to advance climate adaptation and resilience financing across several vulnerable regions. Kanda highlights the bank's 3.5 billion dollar Glaciers to Farms program, which is aimed at protecting water supplies and farming livelihoods, alongside support for flood early warning systems in Nepal and Bhutan.

Kanda also joins Palau President Surangel Whipps Jr., other Pacific leaders, and Green Climate Fund Executive Director Mafalda Duarte to launch the Regional Programmatic Approach for Climate Action. The initiative combines 250 million dollars in Green Climate Fund grants with more than 800 million dollars in planned ADB investments to help 14 Pacific economies prepare and finance resilience projects while reducing delays linked to piecemeal planning and funding.

In meetings on the sidelines of COP31, Kanda welcomes Norway's intention to provide 100 million dollars in guarantees to ADB's Innovative Finance Facility for Climate in Asia and the Pacific. ADB says that backing could unlock another 450 million dollars in lending, extending the bank's push to use guarantees, blended finance, and partnerships to scale climate and development investment across Asia and the Pacific.

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