MANILA -The Philippines may access $10 billion in climate financing over the next six years through the Asian Development Bank (ADB) to help the country implement its commitments to climate action under the Paris Agreement that was adopted in 2015.
ADB President Masatsugu Asakawa made this public at a high-level dialogue on financing coalitions at Conference of the Parties (COP)28 or the 2023 United Nations Climate Change Conference in Dubai.
Asakawa also said this was part of the new country program covering 2024-2029 that they are developing with the national government, which will prioritize climate action and promote inclusive growth.
Under the new strategy, the multilateral lender intends 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,” he said.
Asakawa added that ADB will continue efforts to mobilize additional climate finance from the private sector, cofinancing partners and other sources.
Finance Secretary Benjamin Diokno, who also sits as ADB Governor, attended the dialogue organized by the ADB, along with Environment Secretary Maria Antonia Yulo-Loyzaga who leads the Philippine COP28 delegation.
The ADB noted that the Philippines was ranked fourth in the Global Climate Risk Index in terms of vulnerability to extreme weather from 2000 to 2019. INQ