The Department of Finance and the French Development Agency (AFD) on January 13 conducted ceremonial exchange of documents signed on December 29 regarding the policy-based loan of €150 million. The loan aims to help the Philippines scale up its efforts to mitigate and adapt to climate change.
The Philippines is one of the most vulnerable countries to climate change and ranked as the fourth most affected country by extreme weather events between 2000 and 2019. In addition to their direct impacts on people, the economic consequences of these disasters will cost the country more than $3.5 billion a year by 2040. As the Philippine economy struggles to recover from the Covid-19 pandemic, the Philippine 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.
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