Asian Development Bank to finance Philippines' climate change ambitions

MANILA, May 31 (Xinhua): The Asian Development Bank (ADB) said Tuesday that it has approved a US$250 million policy-based loan to support the Philippines' climate change adaptation and mitigation efforts.

"We have a climate emergency, and all countries must come together and address the causes and adapt in a way that ensures food security, protects our biodiversity and improves the well-being of millions of vulnerable persons," ADB Vice-President Ahmed Saeed said in a statement.

Saeed said the Philippines has adopted necessary climate actions and goals that will help address these threats and challenges, and guide a green and resilient recovery after the Covid-19 pandemic.

The loan will be supportive for the Philippines to "develop, deliver, and finance a holistic approach to address climate change by transitioning to low-carbon pathways, strengthening the ability of vulnerable sectors to adapt to climate change, and increasing conservation of land and marine resources," he added.

The pandemic has heightened the country's vulnerability to the economic impact of severe weather events.

Poorer households are disproportionately affected, especially in urban areas with less secure infrastructure and those situated along the country's vast coastal areas most exposed to extreme weather. - Xinhua