ADB OKs $500-M loan to support PH's climate action

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00:00The Asian Development Bank or ADB has approved a 500 million dollar loan to support the Philippines climate change efforts through the

00:08Climate Change Action Program

00:10Sub-Program 2. This initiative backs the country's nationally determined contribution.

00:16The Philippines NDC aims to cut greenhouse gas emissions and improve climate adaptation.

00:22CCAP is part of ADB's 2024 to 2029 strategy

00:27targeting 10 billion dollars in climate finance for the country. The program encourages

00:33investments in renewable energy, energy efficiency, and climate resilient agriculture.

00:39Co-financed by agency Francois de Development, it will drive reforms in key sectors to promote low-carbon

00:46development. ADB said climate change

00:49exacerbates development challenges in the Philippines,

00:52stressing the need to avert economic damages and transform the economy through green investments.

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