Brussels – The European Union (EU) and the Philippines formalized a 60-million-euro Financing Agreement for the Green Economy Program on Wednesday, an initiative designed to aid the Philippines in environmental sustainability and climate crisis mitigation.
According to a news release by the Philippines News Agency, the agreement was signed during the Global Gateway Forum in Brussels.
The program is part of the EU's contribution to the Team Europe Initiative on Green Economy. Its focus areas include embracing a circular economy, waste and plastic reduction, water supply and wastewater treatment, energy efficiency, and renewable energy deployment. To implement these objectives, the EU will work closely with the Philippine national government, local government units, and the private sector to foster green investments, bonds, and skills. Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France will serve as the program's implementers.
The Team Europe Initiative received financial contributions from Spain, Finland, Germany, and France. Additional support in expertise will be provided by other European member states, including Austria, the Netherlands, and Sweden. "The Team Europe Initiative on Green Economy is a testament to the power of cooperation in addressing today's pressing challenges," said European Commissioner for International Partnerships Jutta Urpilainen.
Finance Secretary Benjamin Diokno expressed the Philippine government's gratitude for the EU's support. "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," Diokno stated.
In a separate note, the DOF revealed that the European Investment Bank (EIB) has shown interest in partnering with the Philippines to co-finance infrastructure and other sustainable projects. EIB Vice President Kris Peeters discussed this potential partnership during Diokno's visit to the EIB headquarters in Luxembourg on October 24. The EIB is exploring options to support the Philippine government's 'Build Better More' projects, which align with the EU's key focus areas such as climate action, digital connectivity, and renewable energy.