Today, at the Global Gateway Forum in Brussels, the EU and the Philippines signed the €60 million Financing Agreement for the Green Economy Programme.
This programme, a key part of the EU's contribution to the Team Europe Initiative on Green Economy, aims to assist the Philippines in renewing its economy.
This includes embracing the circular economy, reducing waste and plastic usage, ensuring water supply and wastewater treatment, promoting energy efficiency, and deploying renewable energy to address the impacts of the climate crisis.
To achieve this, the EU will collaborate with the national government, local government units, and the private sector to promote green investments, bonds, and skills, focusing on greener supply chains and production processes.
Implementers of the Green Economy Programme will include the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France, bringing their considerable expertise to the initiative. Notably, Spain, Finland, Germany, and France have also made financial contributions to the Team Europe Initiative, further cementing the EU's commitment to fostering a sustainable green economy in the Philippines. Other European Member States, including Austria, Netherlands, and Sweden, will contribute their expertise to ensure the success of this initiative.
European Commissioner for International Partnerships, Jutta Urpilainen, said:
"The Team Europe Initiative on Green Economy is a testament to the power of cooperation in addressing today’s pressing challenges. With a significant contribution of €60 million through the Green Economy Programme, we are helping to build a circular economy, promoting sustainable practices, and supporting climate change mitigation.”
The Philippines’ Secretary of Finance Benjamin E. Diokno said:
“The Philippine Government is grateful for the EU’s generosity and staunch support to the country’s climate change agenda. 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 percent by 2030. Through this EUR60 Million grant, the country will benefit from various measures in reducing the production of wastes and plastics, deploying renewable energy, and improving energy efficiency.”
The EU has long been a key supporter of the Philippines especially in the aftermath of natural disasters. The EU-Philippines Partnership and Cooperation Agreement, ratified in January 2018, lays the foundation for deeper collaboration.
Global Gateway is the EU’s overarching cooperation framework to deliver sustainable investments accompanying the Philippines’ transition to a green and digital economy. As part of this initiative, the first Copernicus programme on earth observation in South-East Asia was launched in April 2023 (€10 million). Additionally, the EU is supporting the Philippines in becoming a regional digital hub through the Digital Economy Package (€ 20 million) and a Digital Connectivity Team Europe Initiative with the aim of bringing secure and reliable connections to the country.
On top of that, the EU is examining the potential for a free trade agreement (FTA), which could generate significant growth and job opportunities, as well as diversify and fortify supply chains. The EU is also eager to collaborate on projects aimed at developing the Philippines' local mining industry, supporting communities, and ensuring a secure global supply of critical raw materials.
Earlier this year, President of the European Commission, Ursula von der Leyen, and President Ferdinand R. Marcos, Jr. from the Philippines, took a very important step by launching the Team Europe Initiative on Green Economy under Global Gateway (€466 million).
Background
The Global Gateway Forum brings together an assembly of government representatives from the European Union and across the globe, alongside key stakeholders from the private sector, civil society, thought leaders, financial institutions, and international organisations to promote global investment in infrastructure.
During this landmark occasion, a series of strategic investment announcements and agreements with partner countries are being presented, marking a significant leap towards the implementation of the Global Gateway strategy. These announcements not only underscore the tangible worldwide impact of Global Gateway but also provide a platform for governments and businesses to engage in critical discussions surrounding its priorities.
The Global Gateway Forum highlights a collective commitment to fostering sustainable growth and resilience worldwide through a Team Europe approach.
Global Gateway
Global Gateway represents the European Union's effort reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems. It provides sustainable investment opportunities to enhance the prosperity and security of our global partners and Europe alike.
The Global Gateway strategy embodies a collaborative approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilize up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.
Team Europe stands out with a compelling proposition for democratic partner nations, focusing on sustainability across social, environmental, and financial aspects, promoting long-term drivers of growth through a comprehensive 360-degree approach, encompassing both hard and soft infrastructure, and reinforcing the resilience of nations seeking strategic autonomy.
More Information
Details
- Publication date
- 25 October 2023
- Author
- Directorate-General for International Partnerships
- Location
- Brussels