France mobilizes nearly P9-billion loan to help Philippines scale up climate action
MANILA, Philippines — France on Friday said it has provided nearly P9 billion in policy-based loans to help the Philippines scale up its efforts to mitigate and adapt to the impacts of climate change.
The French Development Agency (AFD) mobilized €150 million to support the Philippines in achieving its adaptation and mitigation efforts, and transforming vulnerable sectors into a resilient, low-carbon economy.
This is in addition to the $250 million policy-based loan from the Asian Development Bank signed in June 2022.
“France remains more than ever engaged in a race against time for the preservation of our planet, and the fight against the climate crisis that becomes a concrete and devastating reality in the Philippines,” said Michèle Boccoz, Ambassador of France to the Philippines.
The program will specifically support public reforms aimed at setting up planning and financing systems to ramp up climate action.
It also seeks to strengthen the resilience of individuals to the impacts of climate change and to reduce greenhouse gas emissions through the deployment of renewable energies and sustainable transport, and improving energy efficiency.
Boccoz said the French government will devote €6 billion each year, until 2025, to help developing countries finance their transition and cope with climate disasters.
The Philippines is one of the most vulnerable countries to the impacts of climate change, which disproportionately affect the poor households.
Climate campaigners have been calling on wealthy governments to deliver climate finance as grants, not loans. — Gaea Katreena Cabico
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