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US climate envoy Kerry says islands face beyond existential threat

US climate envoy John Kerry said Tuesday island nations faced a situation "beyond existential" due to climate change, as he called for an end to fossil fuel subsidies and coal plant financing. Kerry called on banks to stop financing coal projects and for a framework to be put in place for "phasing out other fossil fuel investments" and support countries transition to "net-zero" emissions.

US climate envoy Kerry says islands face beyond existential threat | World

Tuesday, 04 May 2021 10:40 PM MYT John Kerry, a former secretary of state, has become President Joe Biden’s globe-trotting climate envoy. US embassy in Seoul / AFP pic Subscribe to our Telegram channel for the latest updates on news you need to know. MANILA, May 4 US climate envoy John Kerry said today island nations faced a situation “beyond existential” due to climate change, as he called for an end to fossil fuel subsidies and coal plant financing. The 20 countries responsible for most of the world’s emissions had a “special responsibility” to take action, Kerry said but warned they were not “moving in the same direction” or fast enough. 

ADB targets $3 9 billion lending for Philippines in 2021

ADB targets $3.9 billion lending for Philippines in 2021 Louise Maureen Simeon © AFP/File ADB targets $3.9 billion lending for Philippines in 2021 MANILA, Philippines Manila-based Asian Development Bank (ADB) is eyeing to lend some $3.86 billion (P187 billion) to the Philippines this year to help the country move toward economic recovery amid the pandemic. Based on the updated lending pipeline for the Philippines for 2021, a total of $3.86 billion worth of projects will be financed by the ADB. Bulk of this or $1.93 billion has been allotted for infrastructure and long-term investments. Another $1.2 billion is for human capital while the remaining $734 million is for local economic development.

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