ADB approves $500M loan to support PH’s climate action efforts

Climate Change News

ADB approves $500M loan to support PH’s climate action efforts
Climate ActionAsian Development BankPhilippines
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The Asian Development Bank on Tuesday announced it has approved a $500-million policy-based loan to further boost the Philippines capacity to tackle climate change .In a statement, the Manila-based multilateral lender said the $500-million Climate Change Action Program Subprogram 2 “supports the country in implementing its nationally determined contribution —its commitment to help advance global efforts to stabilize the world’s climate under the Paris Agreement.

“This program is part of our commitment to help our host country avert economic damages from future climate change impacts, mobilize green investment, and transform its economy.''The first CCAP for the Philippines was approved in 2022. It was also the ADB’s first climate policy-based loan across Asia and the Pacific.

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gmanews /  🏆 11. in PH

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