ADB OKs $250-M loan to help Philippines scale up climate action

MANILA, Philippines — The Asian Development Bank said Tuesday it approved a $250 million policy-based loan to help the Philippines in its climate change adaptation and mitigation efforts.

In a statement, the multilateral lender said its first climate action policy-based loan will help the Philippines deliver its climate pledge. The country, in its nationally determined contribution, committed to slash its greenhouse gas emissions by 75% by 2030, but a bulk of this pledge is hinged on foreign funding and assistance.

“It will support the Philippines 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,” said Ahmed Saeed, ADB vice president for East Asia, Southeast Asia, and the Pacific.

The Philippines is one of the countries most vulnerable to the impacts of human-induced climate change, which disproportionately affect the poor households.

ADB said the program will support reforms to enhance the resilience of farming and fishing communities to the increasing impacts of climate change, and reduce greenhouse gas emissions through the deployment of renewable energy and sustainable transport.

“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,” Saeed said.

Nearly half of the planet’s population are highly vulnerable to catastrophic climate impacts, according to an Intergovernmental Panel on Climate Change that said time had nearly run out to ensure a “liveable future” for humanity.

In a report, IPCC stressed that urgent and more ambitious adaptation measures must go hand in hand with rapid and deep cuts in greenhouse gas emissions