The Asian Development Bank (ADB) has initiated a new project to assess and manage climate and disaster risks in the Hindu Kush Himalaya region. Focused on Bhutan and Nepal, the initiative involves a comprehensive analysis of multi-hazard risks, including landslides, earthquakes, and floods, with an emphasis on glacier lake outbursts.
The goal is to strengthen the capacities of the two governments in risk assessments for priority river basins, leading to the development of early warning systems and risk management options for future infrastructure projects.
The Hindu Kush Himalayas, home to the largest ice reserves outside the polar regions, provide vital water resources to over a billion people across Asia. The region is experiencing faster warming than the global average, and a 3°C rise in global temperatures could lead to the melting of 75% of glaciers in Bhutan and Nepal by the end of the century, posing significant threats to water access, food and energy security, and biodiversity.
ADB President Masatsugu Asakawa emphasized the urgency of climate adaptation in managing the risks faced by the region. Economic losses from disasters in the Hindu Kush Himalayas totaled $45 billion from 1985 to 2014, and increasing frequency and intensity of events have since elevated economic losses and displaced populations. The initiative aims to provide essential information to Bhutan and Nepal, enabling them to invest in effective climate adaptation measures.
The technical assistance from ADB will contribute to understanding the risks and developing measures for disaster risk reduction, adaptation, and risk transfer solutions, including insurance. ADB is committed to providing $100 billion in climate financing, including $34 billion for adaptation, from 2019 to 2030. In 2022, the bank committed $7.1 billion in climate finance and mobilized an additional $548 million from the private sector for climate-related projects.
Reference: https://www.adb.org/news/adb-help-strengthen-climate-resilience-hindu-kush-himalayas