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Manila Bulletin devider Business devider ADB ramps up investment as climate change batters Philippines

ADB ramps up investment as climate change batters Philippines

Published Nov 1, 2024 02:10 am

By DERCO ROSAL

With nine out of every 10 Filipinos feeling the harsh impacts of climate change, the Asian Development Bank (ADB) will support drought and flood preparedness in the Philippines and other member countries to mitigate the impact on lives and livelihood.

Over the next six years, the Manila-based bank will invest in upgrading irrigation for drought-prone areas and incorporating climate-resilient infrastructure to enhance rural development and food security.

Also, the multilateral development bank will put in efforts to improve flood and drought preparedness by developing early warning systems, and offering training on disaster risk reduction.

Based on the latest Asian Development Bank (ABD) report, the impact of climate change in the Asia-Pacific region will be worse.

“Under a high end emissions scenario, relative sea-level rise and temperature increases in the region will exceed global averages,” the report said.

“The destructive power of typhoons and cyclones will double, and flood losses will increase due to more concentrated rainfall and glacial melt,” it also said.

In October alone, the Philippines experienced three typhoons, with severe tropical storm Kristine being the most destructive, especially in the Bicol region. Shortly after, Super Typhoon Leon began hitting Batanes and the northern region of the country.

In less than two weeks, the National Disaster Risk Reduction and Management Council (NDRRMC) reported that the death toll from the typhoons increased to 150, with 29 people missing and 115 injured.

To date, a total of 7,494,023 people, or 1,892,226 families, across 17 regions have been affected by these calamities, with Bicol reporting the highest number of affected individuals at 2,684,154.

Recent disaster reports showed that infrastructure damages have totaled P6.39 billion, while agricultural losses have reached P2.87 billion.

“Climate-dependent sectors such as agriculture, forestry, and fisheries will face diminished output,” the ADB report said, reflecting the current condition of the country.

“Hotter temperatures will reduce labor productivity, erode human and social capital, and increase mortality and health risks,” it added.

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climate financing Asian Development Bank (ADB)
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