An agreement of €60 million in funds was signed by the European Union and the Philippines to assist the latter in transitioning towards a sustainable economy.

During the Global Gateway Forum in Brussels on Wednesday, Oct. 25, the European Union (EU) and the Philippines signed the financing deal for the Green Economy Programme.

The program encompasses the circular economy, reduction of waste and plastic usage, ensuring water supply and wastewater treatment, promoting energy efficiency, and deploying renewable energy.

This will be done through a collaboration between several EU member states and the government, by providing financial contributions to the Team Europe Initiative.

“The Team Europe Initiative on Green Economy is a testament to the power of international cooperation in addressing our planet’s most pressing challenges,” European Commissioner for International Partnerships Jutta Urpilainen said.

“With a significant contribution of €60 million through the Green Economy Programme, we are taking decisive steps to build a circular economy, promote sustainable practices, and support climate change mitigation,” she added.

For Finance Secretary Benjamin E. Diokno, the EU’s financing support will aid the country in mitigating the impacts of climate change.

“Through this EUR60 Million grant, the country will benefit from various measures in reducing the production of wastes and plastics, deploying renewable energy, and improving energy efficiency,” he further said.

The Global Gateway forum is a series of strategic investment announcements and agreements with partner countries, marking a significant leap towards the implementation of the Global Gateway strategy.

Ties between the EU and PH on climate change

The EU has been a key supporter of the country in terms of natural disasters with the ratification of the EU-Philippines Partnership and Cooperation Agreement in January 2018.

Some € 20 million was funded by the EU to support the country in becoming a regional digital hub through the Digital Economy Package and a Digital Connectivity Team Europe Initiative with the aim of bringing secure and reliable connections to the country.

Also, earlier this year, Ursula von der Leyen, president of the European Commission, and President Ferdinand R. Marcos, Jr. launched the Team Europe Initiative on Green Economy under Global Gateway which will support the country with €466 funds.

The Global Gateway is the EU’s effort to reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.

It provides sustainable investment opportunities to enhance the prosperity and security of our global partners and Europe alike.