The Asian Development Bank (ADB) has granted a $500 million loan to aid the Philippines in its fight against climate change, as announced on Tuesday.
This financial assistance aims to expedite reforms across various sectors in the Southeast Asian country, including agriculture, natural resources, energy, and transport, to ensure they follow a climate-resilient and low-carbon trajectory.
The Philippines, an archipelago comprising over 7,600 islands, is globally recognized as having the highest disaster risk. It ranked first in the 2022 to 2024 World Risk Index, which evaluates populations most susceptible to earthquakes, cyclones, floods, droughts, and sea-level rise.
"The country's high vulnerability significantly affects its economic growth and future prospects," stated Pavit Ramachandran, ADB Philippines Country Director.
In 2021, the Philippines committed to reducing greenhouse gas emissions by 75% by 2030, up from the previous target of 70% set in 2017.
In December, the ADB revealed plans to provide $10 billion in climate finance to the Philippines from 2024 to 2029, focusing on low-carbon transportation and climate resilience.
In September, the ADB set a new target to allocate 50% of its annual lending to climate finance by 2030.
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