60M euro invested in PH circular economy

AT the recent Global Gateway Forum in Brussels, the European Union (EU) and the Philippines signed the 60 million euros financing agreement for the Green Economy Program.

This program, a key part of the EU’s contribution to the Team Europe Initiative on Green Economy, aims to assist the Philippines in renewing its economy. This includes embracing the circular economy, reducing waste and plastic usage, ensuring water supply and wastewater treatment, promoting energy efficiency and deploying renewable energy to address the impacts of the climate crisis.

60M euro invested in PH circular economy

60M euro invested in PH circular economy

60M euro invested in PH circular economy

To achieve this, the EU will collaborate with the national government, local government units and the private sector to promote green investments, bonds and skills, focusing on greener supply chains and production processes.

Implementers of the Green Economy Program will include the Deutsche Gesellschaft für Internationale Zusammenarbeit and Expertise France, bringing their considerable expertise to the initiative. Notably, Spain, Finland, Germany and France have also made financial contributions to the Team Europe Initiative. Other European member states, including Austria, the Netherlands and Sweden, will contribute their expertise to ensure the initiative’s success.

European Commissioner for International Partnerships, Jutta Urpilainen, described the program as “a testament to the power of cooperation in addressing today’s pressing challenges … We are helping to build a circular economy, promoting sustainable practices and supporting climate change mitigation.”

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The Philippines’ Secretary of Finance Benjamin Diokno acknowledged that the EU’s support will “help the country in fulfilling its Nationally Determined Contribution commitment to reduce and avoid greenhouse gas emissions by 75 percent by 2030.” The grant will also reduce the production of waste and plastics, deploy renewable energy and improve energy efficiency.

The EU has long been a key supporter of the Philippines, especially in the aftermath of natural disasters. The EU-Philippines Partnership and Cooperation Agreement, ratified in January 2018, lays the foundation for deeper collaboration. The Global Gateway is the EU’s overarching cooperation framework to deliver sustainable investments accompanying the Philippines’ transition to a green and digital economy.

Earlier this year, Ursula von der Leyen, president of the European Commission, and President Ferdinand Marcos Jr. launched the Team Europe Initiative on Green Economy under Global Gateway.

The EU is currently examining the potential for a free trade agreement, which could generate significant growth and job opportunities, as well as diversify and fortify supply chains. It will collaborate on projects aimed at developing the Philippines’ local mining industry, supporting communities and ensuring a secure global supply of critical raw materials.