Asian Development Bank to provide $10 bln climate finance for ... - Reuters
Asian Development Bank to provide $10 bln climate finance for Philippines | Reuters
Asian Development Bank to provide $10 bln climate finance for Philippines
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MANILA, Dec 4 (Reuters) - The Asian Development Bank (ADB) said on Monday it will allot $10 billion in climate finance for the Philippines between 2024 and 2029.
The funds will help the Philippines implement its commitments to climate action under the Paris Agreement, the ADB said in a statement during the COP28 climate summit in Dubai.
ADB said the funding forms part of the multilateral lender's new programme being developed for the Philippines to support low-carbon transport, renewable energy, the development of carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.
"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," ADB President Masatsugu Asakawa said in the statement.
The Philippines, an archipelago of more than 7,600 islands, topped the 2022 World Risk Index, which assesses populations most at risk to earthquakes, cyclones, floods, droughts and sea-level rise.
Reporting by Karen Lema, Writing by Neil Jerome Morales; Editing by Kanupriya Kapoor
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”