Under current climate projections, much of the world’s stored freshwater is set to disappear within the coming decades. Despite this significant impact on the freshwater supply, there is no straightforward pathway to future-proof communities relying on the frozen stores in the mountain cryosphere. It is clear, though, that investment needs to happen now and cannot wait for glaciers to recede further. This reality must be considered in future financing from multilateral development banks, climate finance mechanisms and funds, as well as bilateral donors and the private sector. 

Proactive financing is critical, as the impacts of glacier loss are reaching levels where adaptation is no longer feasible. Communities are already experiencing consequences: formerly fertile agricultural valleys have been abandoned as water sources decline, disrupting local economies, food security, and livelihoods. The effects can also be observed in infrastructure projects, energy (e.g., through hydropower generation), transportation, and other sectors. 

Thematic Session 11 aimed to discuss needs, challenges, and barriers to concessional and long-term financing needed for the preservation of glaciers and snowpack and adaptation to the disruption of the essential local, national, and regional ecosystem services these provide. The goal of this session was to bring together interested parties on topics related to finance and contribute to material that can be used to guide glacier-related financing in the future. The information shared in this session was incorporated into a white paper, which was disseminated to governments, other funding partners, and agencies worldwide.