TODAY'S EDITORIAL: Funding climate action needs a broader approach
IN a recent commentary, the Asian Development Bank complimented the Philippines for its focus on addressing climate change, noting that the country has set one of the most ambitious emissions-reduction targets — 75 percent by 2030 — among Southeast Asian countries. The ADB also highlighted the number of resources available to help finance climate action, including funding facilities managed by the bank, other multilateral funds and relatively recent innovations such as green bonds.
7-percent reduction in emissions through programs it can fund on its own, with the remaining 72.3 percent dependent on funding from elsewhere, presumably the advanced economies that are responsible for most of the world's greenhouse gas emissions.And even that modest, self-financed target may be doubtful.
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