The Finance Department and the French Development Agency (AFD) have activated a policy-based loan to help the Philippines scale-up efforts in mitigating and adapting to climate change. Know more:
THE Finance Department and the French Development Agency have activated a policy-based loan to help the Philippines scale-up efforts in mitigating and adapting to climate change.The AFD and the Asian Development Bank support the Philippines’s ambitions to amplify its climate action with a combined policy-based loan equal to €390 million, including €150 million mobilized by the former, in addition to the $250-million credit from ADB signed on June 1, 2022.
According to the French Embassy, the new program is an example of the parties’ joint commitment. More specific, it will support public reforms aimed at setting up planning and financing systems to strengthen climate action, boost the resilience of populations to climate change’s growing impacts, as well as reduce greenhouse-gas emissions by deploying renewable energies, improving energy efficiency, and deploying sustainable transport.
“Since the Paris Agreement the AFD Group has provided €30 billion in climate finance, including €7 billion for adaptation,” said AFD Country Director Bénédicte Gazon. “In the Philippines, climate action is at the heart of [our] activities. This new loan program follows a [prior €250-million adaptation program loan mobilized at the end of 2021 to reduce risks] of natural disasters at the local level.
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