MANILA - The Asian Development Bank (ADB) said on Monday it will allot $10 billion in climate finance for the Philippines between 2024 and 2029.

The funds will help the Philippines implement its commitments to climate action under the Paris Agreement, the ADB said in a statement during the COP28 climate summit in Dubai.

ADB said the funding forms part of the multilateral lender's new programme being developed for the Philippines to support low-carbon transport, renewable energy, the development of carbon markets, flood management, resilient coastal development, food security, and adaptive health and social protection.

"The battle against climate change will be won or lost in Asia and the Pacific and nowhere is this more evident than in the Philippines," ADB President Masatsugu Asakawa said in the statement.

The Philippines, an archipelago of more than 7,600 islands, topped the 2022 World Risk Index, which assesses populations most at risk to earthquakes, cyclones, floods, droughts and sea-level rise.

(Reporting by Karen Lema, Writing by Neil Jerome Morales; Editing by Kanupriya Kapoor)