PHL eyes AfDB climate change policy loan

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THE ASIAN DEVELOPMENT BANK (ADB) is in the early stages of analyzing a policy lending program that will help fight climate change in the Philippines.

The program would address local policy changes in social inclusion, clean energy, electric mobility, climate Ifnancing and food security, the AfDB said.

“The impacts of climate change are estimated to cause a 9% to 21% decline in agricultural productivity by 2050,” the multilateral lender said in its initial poverty and society analysis released on Tuesday.

“The Philippines is recognized as a country with high levels of natural disaster risk, and these are exacerbated by climate-related risks.”

The program, the AfDB said, would help pursue policy reforms on social inclusion in climate action, addressing the vulnerability of women and children.

“This energy policy reform will encourage the adoption of clean energy by improving clean supply and efficiency,” the AfDB said.

The policy reform aims to reduce costs for consumers, reduce Iffinancial risks for investors and create a national policy that would support the use of electric vehicles in public transport.

“New agricultural policies will support adaptation and institutionalize or mainstream a climate-resilient agricultural approach within the Ministry of Agriculture and improve the productivity and resilience of staple crops after extreme weather events to improve food security. “, said the AfDB. “The creation of new agricultural research centers will promote gender-responsive and climate-resilient plant breeding.”

The multilateral lender said women’s income in rural areas is based on farming and fishing, and women are at risk of food insecurity during natural disasters.

Women make up a quarter of workers in agriculture, which might be a low estimate as the work is seen as an extension of their household chores. This “invisibility” then leads to unequal access to land ownership and credit.

“Gender equality in climate finance has been uneven across climate-related sectors – well mainstreamed in agriculture and water but poorly addressed in infrastructure and energy sectors,” the Commission said. AfDB.

The bank plans to lend $3 billion to the Philippines this year, which will focus on infrastructure and climate change resilience programs.

About 20 typhoons hit the Philippines every year, causing billions of pesos in damage and displacing thousands of Filipinos. Typhoon Odette caused massive destruction in the central Visayas and Mindanao in December. — Jenina P. Ibanez

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