ADB pledges $10B for PH climate action from 2024-2029

The Asian Development Bank (ADB) has pledged $10 billion (P553.4 billion) in support for the Philippines' climate action initiatives from 2024 to 2029.

ADB President Masatsugu Asakawa announced the funding during a high-level dialogue at COP28 in Dubai, emphasizing the Philippines' critical role in combating climate change.

The Philippines is ranked fourth globally for the most affected countries by extreme weather from 2000 to 2019, according to the Global Climate Risk Index.

ADB plans to mobilize additional climate finance from the private sector, cofinancing partners, and other sources.

The bank is developing a country partnership strategy for the Philippines that will prioritize climate action and inclusive growth.

This strategy will focus on promoting low-carbon transport, renewable energy, carbon market development, flood management, resilient coastal development, food security, and adaptive health and social protection.