Hanoi (VNA) - The Asian Development Bank (ADB) has approved a 500-million-USD policy-based loan to further help strengthen the Philippines’ efforts to tackle climate change.
ADB Philippines Country Director Pavit Ramachandran said in a statement that the country’s high vulnerability impacts its economic momentum and outlook.
The Philippines, an archipelago consisting of over 7,600 islands, faces the highest disaster risk in the globe, according to the 2022-2024 Global Risk Index.
The ADB’s loan will help the Southeast Asian nation accelerate reforms to transform key sectors such as agriculture, natural resources and the environment, energy, and transport toward climate-resilient and-low carbon pathways.
In 2021, the Philippines pledged to cut greenhouse gas emissions by 75% by 2030, up from a target of 70% set four years earlier. In December 2021, the ADB announced 10 billion USD in financing for the country from 2024 to 2029 to support low-carbon transport and climate resilience.
In September 2024, ADB approved a new target to allocate 50% of its annual lending for climate finance by 2030./.
