Financing Glacier Bonds with ADB’s Noelle O’Brien

By Noelle O'Brien 20 May, 2026

With a US$100mn bond for glaciers now launched, O'Brien shares that ADB is on a mission to translate cryosphere risks into bankable opportunities

As part of a US$3.5bn commitment to build glacier resilience in the HKH region, ADB launched a US$100mn green bond through BNP Paribas & Morgan Stanley
Funds will support glacier monitoring, early warning systems & resilient infrastructure to help glacier-dependent countries adapt to rapid ice melt caused by climate change
The focus now is to move from investor awareness to scalable & replicable investment solutions for resilient water systems across glaciated regions
Author: Noelle O'Brien
Noelle is the Director, Climate Change Strategy and Engagement for ADB's Climate Change and Sustainable Development Department where she leads a dynamic team of climate specialists working across all aspects of ADB’s climate agenda to achieve transformational change. Previously, Noelle was a Principal Climate Change Specialist for ADB’s Pacific region. Prior to joining ADB, Noelle worked with the UKAID supported Strengthening Adaptation and Resilience to Climate Change program in Kenya, investing in achieving transformational change by scaling up public and private sector innovation and investment in low carbon and adaptation products, services and assets. She has worked with the Mekong River Commission, the Center for People’s and Forests and a number of international organizations in Southeast Asia and Africa. She is a national of Ireland and holds a Natural Science Degree from Trinity College Dublin and Masters’ Degrees in Applied Environmental Science and Development Management
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Preserving Himalayan glaciers are critical to Asia’s security – we’ve said this again and again. So, it’s super exciting that the Asian Development Bank (ADB) launched a US$100mn “green bond to raise awareness of glacier melt” in March 2026 to protect this critical system.

Today we chat with Noelle O’Brien, ADB’s Director for Climate Change Strategy and Engagement, to learn about what this means for the future of glacier financing.

CWR: We’re thrilled to see ADB launch a US$100mn green bond to raise awareness of glacial melt. Can you share with us the journey that led to this fundraise? What will the funds go towards? Which countries will benefit?

Noelle O’Brien (NB): Glacier- and snow-fed river basins support water security for around 2 billion people in Asia. However, they are at risk, which threatens drinking water, agriculture, food security and energy generation for many across South Asia and Central and West Asia.

As we mark the close of the UN International Year of Glaciers’ Preservation, the timing of the transaction allows us to amplify focus towards glacial melt, and its impacts on the vulnerable communities supported by ADB initiatives.

The goal is to embed glacier-related risks into national climate strategies…

…& strengthen early warning systems for GLOFs

We are also leading a portfolio of programs that advance glacier monitoring, risk-informed planning, and climate-resilient infrastructure. These include Building Resilience in the Hindu Kush Himalaya (BARHKH), Glaciers to Farms, the Resilient River Basins Initiative, and the CAREC Water Pillar. The goal is to help governments embed glacier-related risks into their national climate strategies and strengthen early-warning systems for glacial lake outburst floods (GLOFs).

The Glaciers to Farms program alone spans nine countries in Central Asia, South Caucasus and Pakistan, supporting everything from efficient irrigation and water storage to adaptive social protection for communities facing water shortages and extreme heat stress. It’s part of a larger $3.5 billion commitment ADB is making over the next decade, in partnership with the Green Climate Fund, to build glacier resilience across the region.

CWR: You partnered with BNP Paribas & Morgan Stanley to arrange this bond – how are you making the business case for glacier financing to private investors? Do you find that there’s growing interest from them?

NB: ADB applies a conservative and rigorous process to project selection under its Green and Blue Bond Framework, and investors have consistently recognised and valued that discipline. Investors trust our green bond label and this recognition allows ADB to continue mobilising capital for specific mitigation and adaptation projects across our member countries.

CWR: Still, it’s not easy to raise capital for glacier-specific projects. What remains the key barriers that need to be addressed for more new issues in this space?

NB: Building trust and strong relationships with investors is key to issuing bonds in the capital markets. There is no difference for our green bonds which remain a key funding tool for ADB. Through our robust project pipeline, we provide investors with longevity in our ambitions to support the affected communities and region.

As such, we saw diversified and robust interest, particularly from European investors. And the follow-up interest post-issuance reinforces our view that ADB’s debt program will continue to attract the capital needed to drive our mission forward.

CWR: More investment in resilient water systems will be needed as glaciers melt faster. Are you working on any other innovative glacier financing solutions? What should we keep our eyes out for?

NB: Through the Glaciers to Farms and BARHKH initiatives, we are looking at ways to scale investment in resilient infrastructure and water systems by linking upstream glacier risks with downstream economic impacts.

This includes developing blended finance approaches, risk transfer solutions, and investment platforms that can mobilise both public and private capital for water security, resilient infrastructure, and climate-adaptive agriculture.

ADB is moving focus from awareness to scalable investment solutions

ADB is working on the development of financing solutions that better translate cryosphere risks into bankable opportunities. The focus is moving from awareness to scalable investment solutions that can be replicated across glacier-dependent regions.

CWR: For those who are still not convinced about the importance of glaciers… what would you say to them?

NB: Nearly 2 billion people depend on glacier-fed river systems for their water, food, and energy. Glaciers act as natural water towers, regulating river flows that sustain agriculture, cities, and hydropower systems across entire regions.

As they melt faster due to climate change, the impacts are already being felt with more risks arising like frequent floods, GLOFs, landslides, and extreme events in the short term, followed by long-term water scarcity and reduced energy generation.

Melting glaciers are economic risks so investing in adaptation will save immense costs in the future

These are not environmental issues alone; they are economic risks that affect infrastructure, public finances, and livelihoods. Investing in adaptation today will help save immense costs in the future, reducing the fiscal burden on glacier-dependent countries.

Siraj plowing in forms using cattle, this year, people have faced late snowfall, due to which farmers could not sowing the seeds on time, Tuesday 26 March 2024. ADB has placed climate change and its consequences at the top of its development agenda and scaling up support to address climate change. Source: ADB Photo, Rahim Mirza.

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