BAGUIO CITY – The European Union (EU) will be pouring in more than P31.6 billion to support the country’s green economy programs under the so-called Team Europe approach that will pave the way for the transition towards a green economy and green growth.
EU Head Ambassador Massimo Santoro said that 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 the circular economy, reducing waste, renewable energy and research.
He pointed out that the assistance that will come in the form of grants is part of the EU’s Global Gateway Strategy to boost smart, clean and secure connections in digital, energy and transport sectors and to strengthen health, education and research systems across the world.
He assured that the EU and its member states will continue to support the Philippines because EU has its own strategic autonomy and its own evaluation process on what is needed around the world.
Ambassador 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.
The EU ambassador disclosed that there is a second round of negotiation on free trade 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 that will be discussed by both parties involved in the said negotiations.
According to him, the primary purpose of the said initiatives is putting together the priorities of both the EU, the member states and the Philippines for greater economic activities and sustainability leading to growth and development.
Santoro asserted that green economy is a priority of the EU and its member states, 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.
According to him, it is also important for the EU to evaluate how the Philippines is absorbing, responding and implementing the green economy initiatives as per the EU-Philippine cooperation parameters.
Under the Team Europe approach, the EU provides support to a specific program in the agreed third world country and the member states also infuse the necessary support to the same initiative to strengthen its implementation and for the realization of its projected effect to the beneficiary country.
Ambassador 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 in the city to assess and evaluate the implementation of EU-funded green economy initiatives such as the circular economy among others. By Dexter A. See