RIYADH: The Asian Development Bank has approved a $250 million policy-based loan to support the Philippines in adapting and mitigating climate change.

This will help the Philippines deliver its Nationally Determined Contribution — a commitment to help advance global efforts to stabilize the world's climate under the Paris Agreement — and ramp up efforts to transform vulnerable sectors toward a climate-resilient, low-carbon economy.

Commenting on the loan, Ahmed Saeed, vice president of ADB, said: “It will support the Philippines develop, deliver, and finance a holistic approach to address climate change by transitioning to low-carbon pathways, strengthening the ability of vulnerable sectors to adapt to climate change, and increasing conservation of land and marine resources.”