A public policy loan to support the Philippines in the implementation of its climate policies

The Philippines is one of the most vulnerable countries to climate change. In addition to their direct impacts on people,it could cost the country more than $3.5 billion a year by 2040.   The Philippines' government has adopted an important climate actions program to move towards adaptation and mitigation, submitting its first nationally determined contribution (NDC) in 2021 at COP 26.  

The French Development Agency and the Asian Development Bank support this ambitions to scale up its climate action with a combined policy-based loan of equivalent €390 million, including €150 million mobilized by AFD in addition to the US$250 million ADB loan signed on 1 June 2022. It will aim to support the country in achieving its NDC and in its efforts to transform vulnerable sectors into a resilient, low-carbon economy. 

©AFD2023