The EU Inks USD 65 Million Financing Deal for the Green Economy Program with Philippines

November 2023

The European Union (EU) Commission stated that the EUR 60 million (USD 65 million) Financing Agreement aims to assist the Philippines in renewing its economy. This includes embracing the circular economy, reducing waste and use of plastics, ensuring water supply and guaranteeing wastewater treatment, promoting energy efficiency, and deploying renewable energy to deal with the impact of the climate crisis.

The EU will be in partnership with the national and local government units and private sectors to promote green investments, bonds, and skills that focus on greener supply chains and production processes.

The implementers of the program include Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France, bringing their considerable expertise to the initiative. Some countries also made financial contributions to the Team Europe Initiative such as Spain, Finland, Germany, and France. Other European member states including Austria, Netherlands, and Sweden will also contribute their expertise to ensure the success of the initiative.

The European Commissioner for International Partnerships Jutta Urpilainen stated that the Team Europe Initiative on Green Economy is a testament to the power of cooperation in addressing today’s pressing challenges. With the significant contribution of EUR 60 million (USD 65 million) through the Green Economy Program, the EU helps build a circular economy, promoting sustainable practices, and supporting climate change mitigation.

Finance Secretary Benjamin Diokno said stated that the financing support from the EU will help the country in fulfilling its Nationally Determined Contribution commitment to reduce and avoid greenhouse gas emissions by 75% by the year 2030. Through this EUR 60 million grant, the country will benefit from various measures in reducing the production of waste and plastics, deploying renewable energy, and improving energy efficiency.

(Source: Philippine News Agency)

Our Services

Orissa International provides consulting services to companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 distributors, resellers, and system integrators, built through advising and guiding more than 5,000 companies with their market expansion into Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines over the last 25 years.