The Philippines is set to receive $10 billion in climate financing from the Asian Development Bank (ADB) between 2024 and 2029. This announcement was made by ADB President Masatsugu Asakawa during the ongoing Conference of the Parties 28 (COP28) climate talks in Dubai.
Asakawa emphasized the critical role of Asia and the Pacific in the battle against climate change. The funds aim to support the country in meeting its commitments under the 2015 Paris Agreement.
The focus will be on reducing emissions and enhancing climate resilience, particularly in vulnerable communities and ecosystems.
The supported areas include low-carbon transport, renewable energy, carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.