MANILA – The European Union (EU) and the Philippines signed a financing agreement worth 60 million Euros (approximately PHP 3.5 billion) to help the country transition to a green economy.
According to Ambassador of the Delegation of the European Union to the Philippines Luc Veron, the formalization of the partnership, through the organization of the Global Gateway Forum in Brussels, will bring together EU’s key global partners to examine progress and to consider further opportunities and challenges in the strategy’s implementation.
In his opinion piece, Veron said that the primary themes of the program evolve around shared global priorities, such as “transition to a green economy, renewable energy and green hydrogen, education and research, critical raw materials, transport corridors, health products manufacturing and digital infrastructure.”
To achieve this, the EU will collaborate with the Philippine national government, local government units (LGUs), and the private sector to promote green investments, bonds and skills, focusing on greener supply chains and production processes.
Also bringing their considerable expertise to the initiative are Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France, together with financial contributions from Spain, Finland, Germany, and France to the Team Europe Initiative and other European member states such as Austria, Netherlands and Sweden, who will also contribute their expertise.
During the signing ceremony, European Commissioner for International Partnerships Jutta Urpilainen said, "the Team Europe Initiative on Green Economy is a testament to the power of cooperation in addressing today’s pressing challenges. With a significant contribution of €60 million through the Green Economy Programme, we are helping to build a circular economy, promoting sustainable practices, and supporting climate change mitigation.”
At the same event, Philippines’ Secretary of Finance Benjamin Diokno acknowledged EU’s generosity and support for the country’s climate change agenda.
“The financing support from the EU will help the country in fulfilling its Nationally Determined Contribution commitment to reduce and avoid greenhouse gas emissions by 75 percent by 2030. Through this €60 million grant, the country will benefit from various measures in reducing the production of wastes and plastics, deploying renewable energy, and improving energy efficiency,” Diokno said.
The EU has been a key supporter of the Philippines particularly in responding to natural disasters, and the EU-Philippines Partnership and Cooperation Agreement, which was ratified in January 2018, is the foundation of such collaborations.
