Cambodia to get $40M from ADB’s green fund

Severe floods are expected to become more common in Cambodia due to climate change.
Severe floods are expected to become more common in Cambodia due to climate change. Heng Chivoan

The Asian Development Bank has announced an additional $30 million in grants and $10 million in loans to Cambodia as part of the organization’s Green Climate Fund.

The funds will be in addition to the $90 million the bank has already loaned the country to develop climate-friendly agribusiness value chains, according to a press release from the funding body.

 

An ADB spokesman did not respond to requests for comment yesterday. According to the release, the funds will go toward reducing farms’ carbon footprint, improving infrastructure and increasing the resiliency of crops to climate change.

The UN consistently ranks Cambodia as among the top 10 countries likely to be affected by climate change. In 2014, US credit rating agency Standard & Poor’s ranked Cambodia’s economy and creditworthiness as the most vulnerable to climate change, out of a total of 116 nations evaluated.