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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