EU eyes green financing for Philippines

MANILA, Philippines — The European Union is seen focusing on green financing for the Philippines amid the worsening impacts of climate change.

The Philippines and the EU recently met for the sub-committee on development cooperation as part of the annual bilateral dialogues between the two parties.

The dialogue was led by the finance chief and economic team head Benjamin Diokno and EU Ambassador Luc Veron.

The Philippines and EU both committed to continue their partnership through development cooperation.

In particular, the EU will focus on green financing in line with its global commitment on climate action. Both parties likewise vowed to expedite the approval of the Green Economy Programme for the Philippines by early next year.

Diokno said the Philippines will prioritize and address the gaps in climate financing with programs and initiatives toward climate adaptation and mitigation.

The EU is currently implementing the 60-million euros Team Europe Initiative on Green Economy, which is targeting solutions at both the national and local levels to contribute to reducing plastic waste, implementing effective waste management and supporting renewable energy.

As part of the Team Europe Initiative on Green Economy, the government welcomed the EU’s initiatives on enhancing skills to match the demands of a modern sustainable economy, supporting the creation of green jobs, and taking full account of vulnerable parts of the population.

Further, the EU presented the key elements of the 2021 to 2027 programming period, particularly the overarching strategic goals of the “Global Gateway.”

This is the EU’s offer to third partner countries for an equal partnership based on shared common interests, to provide EU added-value contributions to strategic initiatives and investments.

The Philippines also underscored the EU’s support to the country’s bid to promote inclusive economic growth through increased green finance instruments and circular economy to achieve low-carbon energy and increased energy efficiency.

Other areas the Philippines and EU identified as priorities for cooperation are disaster risk management and digital cooperation.

The development cooperation between the EU and the Philippines has brought projects, with a total grant funding of 206.6 million euros so far.

These ongoing programs support efforts in renewable energy, good governance, justice reform, peace and development, trade, agriculture, climate change adaptation and mitigation, and development in the Bangsamoro region. – Pia Lee-Brago