The Philippines led V20 or the economies deemed most vulnerable to climate change when it was established in 2015. Of particular relevance to the discussion on disaster risk financing of V20 is the situation in the Philippines, said Richard Bolt, ADB county director for the Philippines. World Bank Group Program Leader Birgit Hansl noted the Philippines is now working on a comprehensive approach to building financial resilience. “It confirms the World Bank Group’s commitment to increase the share or our financing that delivers climate benefits from 21 to 28 percent by 2020,” she said. It will also focus on disaster risk financing to strengthen the countries’ financial resilience against disaster risk at national and international levels.

Source: Manila Times March 08, 2017 17:15 UTC