ADB announces $10 billion fund for Philippines climate finance

MANILA, Philippines — The Asian Development Bank (ADB) is providing $10 billion in climate finance for the Philippines between 2024 and 2029.

In a statement yesterday, the multilateral lender said the fund will help the country implement its commitments to climate action under the Paris Agreement.

ADB president Masatsugu Asakawa announced the financial support during the Conference of Parties to the United Nations Framework Convention on Climate Change or COP28 in Dubai.

Asakawa said the amount earmarked for climate finance will be part of a new country program being developed by the ADB with the Philippine government.

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

The Philippines is among the countries considered to be most vulnerable to the effects of climate change.

In the Global Climate Risk Index, the Philippines placed fourth in terms of countries most affected by extreme weather globally from 2000 to 2019.

The ADB said poorer households are disproportionately affected, especially those in urban areas with less infrastructure and those along the country’s vast coastal areas.

The climate finance allotted for the Philippines is expected to help improve the climate resilience of communities, ecosystems and the economy.

At present, ADB is preparing its country partnership strategy for the Philippines for 2024-2029.

This new strategy will focus on climate action and promote inclusive growth.

In particular, the ADB will support low-carbon transport, renewable energy, development of carbon markets, flood management, resilient coastal development, food security and adaptive health and social protection.