Leaders from the South Asian Association for Regional Cooperation (SAARC) are finalizing plans to establish a dedicated South Asian Climate Resilience Bank (SACRB). The regional financial institution is being proposed to pool resources for climate adaptation projects, including sea-level rise mitigation, glacier monitoring, and trans-boundary flood early-warning systems. The bank aims to provide low-interest loans and grants to member states, addressing the current shortfall in international climate finance accessible to the region. The initiative is seen as a crucial step toward collective climate action and reducing the region’s extreme vulnerability to climate change impacts.
