Install siding over furring strips or rainscreen backer, creating a drainage plane rain screen. The resulting air space allows both heat and moisture to dissipate.
Foil-faced foam with the seams taped can work as a weather barrier. If not using foil-faced foam, install a weather barrier over the sheathing first.
Drainage. Run vertical battens all the way to the base of the foam to allow for drainage. Do not terminate the battens on top of a skirt board; instead, fasten the skirt board over the battens to ensure drainage behind it. Block the base of the battens with a matrix ridge-vent material, and insect screen. The ridge-vent material pushes the screen against the back of the siding; without it, the screen can sag between battens and allow wasps to move in.