Diokno optimistic on ADB’s $10-B climate finance support for PH, thanks longstanding dev’t partner

Finance Secretary Benjamin E. Diokno has expressed optimism on the Asian Development Bank (ADB)’s $ 10 billion climate finance support for the Philippines and thanked the Bank for being a steadfast and longstanding development partner of the country.

“I thank our ever-reliable and trusted partner, the ADB, for their generous support. This 10 billion-dollar climate financing from 2024 to 2029 will be instrumental in helping us accelerate climate action and enhance climate resilience, which are deeply rooted in the Marcos, Jr. administration’s development agenda,” he said.

ADB President Masatsugu Asakawa made the announcement on the Bank’s support to the Philippines during the high-level dialogue on harnessing financing coalitions for accelerating climate finance on December 4, 2023, which the ADB organized.

“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, co-financing partners, and other sources,” President Asakawa said.

The ADB is preparing its country partnership strategy for the Philippines 2024 to 2029, which will prioritize climate action and promote inclusive growth.

Low-carbon transport, renewable energy, the development of carbon markets, flood management, resilient coastal development, food security, as well as adaptive health and social protection are among the key areas that the ADB will support under the strategy.

The ADB has been the Philippines’ steadfast and longstanding partner in the implementation of the country’s commitments to climate action under the Paris Agreement.

In 2022, the Bank approved the $250 million Climate Change Action Program, Subprogram 1 (CCAP1) for the Philippines–the ADB’s first-ever climate change policy-based loan.

The program supports the country’s implementation of national climate policies, including its Nationally Determined Contribution (NDC) and mobilization of climate adaptation, mitigation, and disaster resilience initiatives.

Two climate mitigation and adaptation projects for the country were approved by the ADB