ADB approves US$250mil finance plan for Philippines' climate change ambitions and mitigation efforts

MANILA, June 1 (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

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

ADB , Finance Plan , Philippines , Green , Economy


Next In Aseanplus News

Vietnam central bank sees 2022 GDP growth of 6.7% to 8.5%, inflation below 4%
Myanmar discussing with Russia use of Mir card for payments
Proposal to redevelop part of Hong Kong’s Ocean Park into dining, retail zone fails to attract a single bid
Asean needs to be vigilant on moves to dominate South China Sea, says top analyst
Hong Kong research brings hope of non-invasive self-test kit for women to replace Pap smear in fight against cervical cancer
Brunei trio, all whom are relatives, jailed for stealing their grandfather’s money
Model who criticized Myanmar's military fears repatriation; in airport limbo
Laos makes third-biggest meth seizure with 33 million pills worth millions of dollars
China’s FAST telescope deepens mystery over cosmic blasts known as fast radio bursts
Factbox-Tokyo tightens security for slain Shinzo Abe's funeral

Others Also Read