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Philippines
Thursday, February 20, 2025
26.1 C
Philippines
Thursday, February 20, 2025

EU commits P31.6b for PH green economy

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BAGUIO City—The European Union (EU) will be pouring in more than P31.6 billion to support the Philippines’ green economy programs under the Team Europe approach that will pave the way for the country’s transition toward progress amid a cleaner environment and renewable energy.

EU Ambassador Massimo Santoro said P3.6 billion will come from the EU while another P28 billion is expected to be mobilized from its member states and other financial institutions to support the ongoing transition that will focus on circular economy, reduced waste, renewable energy, and research.

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Santoro pointed out that the assistance that will come in the form of grants is part of EU’s Global Gateway Strategy to boost smart, clean and secure connections in the digital, energy, and transport sectors, and to strengthen health, education and research systems across the world.

He gave assurance that the EU and its member-states will continue to support the Philippines “because EU has its own strategic autonomy and own evaluation process on what is needed around the world.”

Santoro explained that the grant is open to the private sector because it is aimed at stimulating the economy through green initiatives that will be beneficial to the environment and eventually trade.

He disclosed that there is a second round of free trade negotiations that will be undertaken between the EU and the Philippines by February 10, 2025 where green economy programs will be the top priority in the agenda.

According to him, the primary purpose of these initiatives is to put together the priorities of the EU, its member-states, and the Philippines for greater economic activities and sustainability leading to growth and development.

Santoro stressed that green economy is a priority of the EU and its members thus, the support of the green economy initiatives of the Philippines based on their assessment and evaluation of the cooperation agreements that had been previously entered.

Santoro said it is also important for the EU to evaluate how the Philippines absorbs, responds, and implements the green economy initiatives based on the EU-Philippine cooperation parameters.

Under the Team Europe approach, the EU provides support to a specific program in a third world country, while the member-states infuse the necessary support to the same initiative to strengthen its implementation and for the realization of its projected effect to the beneficiary country.

Santoro emphasized that green economy initiative remains the top priority of the EU in terms of support to developing countries because it has a significant effect to addressing climate change, improving the state of the environment, addressing solid waste management issues, maximizing the potentials of renewable energy and enhancing trade and commerce that will translate to improved economic activities of the people.

Earlier, 18 EU ambassadors had a three-day visit here to assess and evaluate the implementation of EU-funded green economy initiatives.

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