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The Asian Development Bank (ADB) plans to provide US$10 billion in climate financing to the Philippines over the next five years to support the country’s implementation of climate commitments under the Paris Agreement from 2024 to 2029.
The ADB said the Philippines is one of the countries most vulnerable to the impacts of climate change, ranking fourth on the Global Climate Risk Index. ADB will also work to secure additional climate finance from the private sector, co-financing partners, and other sources.
Plans will support adaptation measures for low-carbon transport, renewable energy, carbon market development, flood management, coastal development, food security and health and social protection.
(Source: abs-cbn Image source: freepik)
