ADB Commits $500M to Boost Philippines Climate Resilience

The Asian Development Bank has approved a $500 million loan for the Philippines to advance climate change reforms. The funding aims to steer sectors such as agriculture and energy towards a climate-resilient future. The Philippines, ranked highest on the World Risk Index, faces significant disaster risk.

The Asian Development Bank has announced the approval of a $500 million loan designed to aid the Philippines in its climate change battle. This financial injection aims to promote reforms across key sectors like agriculture, energy, and transport, setting them on paths to climate resilience and low-carbon futures.

With over 7,600 islands, the Philippines holds the unenviable position of the world's most disaster-prone country. It led the 2022-2024 World Risk Index for susceptibility to natural calamities such as earthquakes, cyclones, and sea-level rise. ADB Philippines Country Director Pavit Ramachandran emphasized that this vulnerability is threatening the nation's economic growth.

In an ambitious commitment made in 2021, the Philippines vowed to reduce greenhouse gas emissions by 75% by 2030. Supporting these efforts, the ADB has earmarked $10 billion in climate finance for the Philippines from 2024 to 2029, focusing on low-carbon transport and enhancing climate resilience.

(With inputs from agencies.)