EU backs Phl green economy tact with P31.6 grant

BAGUIO CITY (January 31, 2025) -- The European Union (EU) is infusing more than P31.6 billion to aid the Philippine tact for green economy programs under the so-called “Team Europe” approach.

EU Ambassador to the Philippines Massimo Santoro said that P31.6 billion grant will come from the EU while another P28 billion will be mobilized from its member-states and other financial institutions to propel the country’s transition to a circular economy, reducing waste, renewable energy and research.

The grant 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, Santoro explained.

The EU Envoy assured they will continue to support the Philippines because the EU has its own strategic autonomy and its own evaluation process on what is needed around the world.

Santoro further 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 trade.

According to Santoro, a second round of negotiation on free trade will be undertaken between the EU and the Philippines by February 10, 2025, where green economy programs will be the top agenda.

According to the EU Envoy to the Philippines, such initiatives seek to put together the priorities of both the EU, the member states and the Philippines for greater economic activities and sustainability leading to growth and development.

Green economy is a priority of the EU and its member states, Santoro emphasized, thus, support of the green economy initiatives of the Philippines based on (our) assessment and evaluation of the cooperation agreements that had been previously entered is conducted.

Santoro, who with the 17 Ambassadors of the EU member-States, visiting the city since Monday, got acquainted with the highland tourism enclave and sought opportunities for further collaboration.  The envoys include Dr. Titanilla Tóth, Hungary; Michel Parys, Belgium; Raduta Dana Matache, Romania; Ioannis Pediotis, Greece; Dr. Johann Brieger, Austria; Franz-Michael Skjold Mellbin, Denmark; Dr. Andreas Pfaffernoschke, Germany; Marie Fontanel, France; Ričardas Šlepavičius, Lithuania; Karel Hejč, Czechnya; Davide Giglio, Italy; Emma Hickey, Ireland; Saija Nurminen, Finland; Nicholas Panayiotou, Cyprus; Ambassador-designate Anna Ferry, Sweden; Chargés d'affaires ad interim Ms Anna Krzak-Danel, Poland; and Mr. Dragan Barbutovski, Slovenia.

According to Santoro, 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.