ADB programs $10-B support for Philippine climate action

The Asian Development Bank (ADB) on Monday announced $10-billion (P553.4 billion) worth of support to the Philippines for it to implement its commitments to climate action under the Paris Agreement.

The programmed amount — covering 2024 to 2029 — was announced by ADB president Masatsugu Asakawa during a high-level dialogue on financing coalitions at the COP28 in Dubai, which was also attended by Finance Secretary Benjamin Diokno.

“The battle against climate change will be won or lost in Asia and the Pacific and nowhere is this more evident than in the Philippines,” Asakawa said.

“ADB will also continue efforts to mobilize additional climate finance from the private sector, cofinancing partners, and other sources,” he added.

The multilateral lender on Monday said it is also in the process of preparing its country partnership strategy for the Philippines which will center on climate action and promote inclusive growth, supporting low-carbon transport, renewable energy, and the development of carbon markets.

A study of the ADB earlier this year found that extreme weather events triggered by climate change could cause economic damage that would affect Filipinos in the poverty threshold.

To recall, the ADB last year already approved a $250-million policy-based loan aimed at supporting the Philippine government’s climate change adaptation and mitigation efforts. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News