ADB approves US$500 million loan for Philippines’ climate change efforts
THE Asian Development Bank (ADB) has approved a US$500 million loan to support the Philippines’ efforts to tackle climate change, it said on Tuesday (Nov 26).
The loan will help accelerate reforms in the South-east Asian nation to put sectors like agriculture, natural resources, energy and transport on a climate-resilient and low-carbon path, it added.
The Philippines, an archipelago of more than 7,600 islands, faces the highest disaster risk globally. It topped the 2022 to 2024 World Risk Index which assesses populations most at risk from earthquakes, cyclones, floods, droughts and sea-level rise.
“The country’s high vulnerability impacts its economic momentum and outlook,” ADB Philippines country director Pavit Ramachandran said in a statement.
In 2021, the Philippines pledged a 75 per cent cut in greenhouse gas emissions by 2030, up from a target of 70 per cent set four years prior.
In December, the multilateral lender announced US$10 billion in climate finance for the Philippines between 2024 and 2029 to support low-carbon transport and climate resilience.
SEE ALSO
The ADB approved a new goal in September to devote 50 per cent of its annual lending to climate finance by 2030. REUTERS
Share with us your feedback on BT's products and services
