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MANILA, Philippines, May 3 (UPI) -- The World Bank announced it was backing a climate change agenda in the Philippines with a $250 million low-interest loan.
Andrew Steer, a special climate envoy to the World Bank, said the Philippines is "badly threatened" by climate change because of the growing severity of typhoons and related tropical surges in the region.
A green energy agenda adopted by the Philippines government includes plans for a low-carbon economy, renewable energy and ecotourism.
The bank said it was backing the initiatives with $240 million in low-interest funds allocated under the bank's Clean Technology Fund that promotes renewable energy initiatives.
The government there, said Steer, deserves praise for passing a series of climate change laws aimed at mobilizing a green economy.
"It's such a very important country," he said in a statement. "I want to ensure that we are doing our part."
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