Phillippines sets up climate change fund
Benigno Aquino, the Philippine President, has signed a law creating a fund of around $24 million for climate change mitigation and adaptation. The new law is targeted at providing funds for climate change adaptation projects in a country hit by approximately 20 typhoons a year that cause large-scale damage and consistently threaten lives in the region.
Benigno Aquino, the Philippine President, has signed a law creating a fund of around $24 million for climate change mitigation and adaptation.
The new law is targeted at providing funds for climate change adaptation projects in a country hit by approximately 20 typhoons a year that cause large-scale damage and consistently threaten lives in the region. International experts and officials from the region say the growing intensity of the annual typhoons are a result of climate change.
The law, signed Friday, would use the survival fund to bankroll projects in water resource management and boost forecasting and early warning systems for climate-related hazards.
It would also be used to guarantee risk insurance for farmers in case of crop damage.