'GMA's Copenhagen trip generates P17 billion in pledged projects'

MANILA, Philippines - President Arroyo arrived yesterday from the climate change meet in Copenhagen, Denmark with pledges of $380 million (P17.67 billion) in foreign funding for environment-related projects and programs in the Philippines.

President Arroyo, who arrived at around 5:30 a.m, said even if the recently concluded United Nations Summit on Climate Change failed to reach a binding agreement on cutting emissions, it succeeded in bringing world leaders together to “solve the problem that affects the whole world.”

“No longer can the world’s top polluters sweep this problem under the rug. The issue is now firmly on the table for everyone to see. There is no going back. All nations, rich and poor, have all noticed that they must come to grips with this raging problem,” she said in an arrival statement read by Press Secretary Cerge Remonde.

“While the results were not enough, it is a step toward the right direction that will eventually lead us down the path to a cleaner, greener world for future generations. The Philippines will continue to do its part through advocacy and support for a global treaty on the reduction of gas emissions. This is the only way forward if we are to make a real difference,” the statement added.

Remonde said the World Bank (WB) and the Asian Development Bank (ADB) pledged $250 million from the Clean Technology Fund (CTF).  

The sum, which will be issued as a concessional loan, is meant to support the development and use of low carbon energy technologies for industrial and commercial buildings.

Remonde said the investment plan developed by the Philippine government will promote renewable energy, energy efficiency, and clean urban transport through the Department of Energy.

He said the Philippines would also get $50 million from the Global Environment Fund, and another $10 million from the investment funds of Denmark to support the development of the Philippine’s water utility system.

The WB also pledged $70 million for forestry-related projects.

“These funds will go a long way to helping us adjust the impact of global warming on our beautiful island nation. This was a small step but an important one for the developing world as we are the smallest contributors to climate change but the ones who suffer the most,” Remonde said.

“It is only with one united front that we will be able to win this battle against time. Nations must face this challenge with more commitment and must put the interests of the world ahead of their own interests. We must remember that no one wins if the world loses,” he added.