ADB approved funding for the protection of coral reefs in the Philippines and other areas as they provide great benefits to the environment and community.
The Asian Development Bank (ADB) approved a $3.8- million funding to promote the development of insurance for the restoration, conservation, and management of coral reefs in the Philippines, and three other Southeast Asian and Pacific countries.
The projects would involve the development of climate risk financing and insurance solutions. It’s not only in the Philippines, but also in Indonesia, Fiji, and the Solomon Islands.
“The development of innovative coral reef financing and insurance models under this project will not only enhance and support the effective management of risks coral reefs are exposed to but also improve the climate resilience and insurability of coastal assets and communities,” Philippine Star quote ADB financial sector group chief Junkyu Lee.
The Asia-Pacific Finance Fund (ACliFF), managed by ADB, is providing $2.5 million for the initiative, while the Global Environment Facility is providing $1.3 million through its Challenge Program for Adaptation Innovation.
ACliFF is a multi-donor trust fund established with funding from Germany's Federal Ministry of Economic Cooperation and Development. Meanwhile, the Global Environment Facility is a multilateral environmental fund that provides grants and finances for projects related to biodiversity, climate change, and the environment itself.
Both aim to develop resilience to the impact of climate change and protect the environment.
“Many of these coastal communities also depend on the ongoing health of the ocean and its ecosystems for their livelihoods,” Lee said.
The Coral Triangle, a huge oceanic region in Asia and the Pacific, has the world's highest coral diversity. It provides a defense to protect coastal shores, assets, infrastructures, and livelihoods.
There are many coastal cities and communities in Asia and the Pacific, and they also face risks from rising sea levels and increased frequency of natural hazards.
There are also some unpredictable weather changes caused by climate change itself.
Hence, it is important to prioritize the recovery of coral reefs and conserve them as much as possible given their benefits to the countries, especially those in the coastal areas.
Not only do coral reefs provide protection from rising sea levels, but they also create jobs for local communities, offer opportunities for recreation, and are a source of food and new medicines.
Climate and disaster resilience activities are among those prioritized by the ADB in response to the mounting threats to Asia and the Pacific.
Additionally, ADB also approved a $250 million policy loan to support the Philippines’ climate change adaptation and mitigation efforts.
This policy loan and financing for coral reef protection are important steps toward protecting and conserving the ecosystem.
Tags: #CoralReefs, #Protection, #ADB, #Funding