The Asian Development Bank (ADB) has announced plans to approve a USD500 million financing package to support the Philippines in its climate change mitigation and adaptation efforts. The funding, part of the Climate Change Action Program (CCAP) Subprogram 2, focuses on public transport, clean energy, disaster risk management, and social protection to enhance the climate resilience of communities, ecosystems, and the economy.
This initiative is a component of ADB’s broader USD10 billion climate finance commitment for the Philippines from 2024 to 2029. The ADB’s new Country Partnership Strategy for the Philippines, covering 2024 to 2029, will also be reviewed soon, focusing on human development, economic competitiveness, infrastructure, climate action, and private sector development.