The Asian Development Bank (ADB) will program $10 billion in climate finance for the Philippines between 2024 and 2029.

The support, announced by ADB President Masatsugu Asakawa at a High-Level Dialogue on Finance Coalitions at COP28 in Dubai, will help the Philippines implement its commitments to climate action under the Paris Agreement.

“The battle against climate change will be won or lost in Asia and the Pacific and nowhere is this more evident than in the Philippines,” said Asakawa. “I am pleased to announce that ADB will program $10 billion in climate finance for the Philippines under the new country program we are developing with the government. ADB will also continue efforts to mobilize additional climate finance from the private sector, cofinancing partners, and other sources.”

The High-Level Dialogue on Finance Coalitions was organized by ADB and attended by Philippine Finance Secretary and ADB Governor Benjamin Diokno, Philippine Environment Secretary and head of the COP28 delegation Maria Antonia Yulo-Loyzaga, and ministers from other countries.

The Philippines is among the countries most vulnerable to the impacts of climate change.

The Global Climate Risk Index ranked the Philippines fourth in terms of countries most affected by extreme weather globally from 2000 to 2019.

Poorer households are disproportionately affected, especially in urban areas with less infrastructure, and along the country’s vast coastal areas. ADB’s climate finance in the Philippines will help improve the climate resilience of communities, ecosystems, and the economy. ADB