Philippines Secures $10 Billion in ADB Climate Finance for 2024-2029

The Philippines is set to receive $10 billion in climate finance from the Asian Development Bank (ADB) for the period 2024 to 2029. This funding, announced by ADB President Masatsugu Asakawa at the Conference of Parties (COP28) in Dubai, is intended to aid the Philippines in fulfilling its commitments to climate action under the Paris Agreement. Asakawa underscored the critical role of Asia and the Pacific in the battle against climate change, highlighting the Philippines as a prime example due to its vulnerability to climate impacts.

The Philippines, ranked fourth globally in the Global Climate Risk Index for its vulnerability to extreme weather from 2000 to 2019, will benefit from this climate finance in various ways. The ADB’s funding aims to improve the climate resilience of communities, ecosystems, and the economy. It will particularly assist poorer households, who are disproportionately affected by climate change, especially in urban areas with less infrastructure and in coastal regions.

The country partnership strategy being developed by the ADB for the Philippines, spanning from 2024 to 2029, will prioritize climate action and promote inclusive growth. Key areas of focus will include support for low-carbon transport, renewable energy, the development of carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection. Asakawa also mentioned that ADB would continue efforts to mobilize additional climate finance from private sector sources, co-financing partners, and other avenues​​​​​​​​​​​​.