EU Commits 60 Million Euros To Accelerate Philippines’ Green Economy Transition

The Philippine government and the European Commission affirmed their agreement to sustain the country’s transition to a green economy through environmental protection and climate change mitigation.

President Ferdinand R. Marcos Jr. said there was an agreement to provide a grant to finance the efforts of the Philippine government, through the Department of Environment and Natural Resources (DENR), to strengthen its green initiatives.

“On the development cooperation, we committed to concluding an agreement for the Green Economy Program in the Philippines (GEPP), a grant worth 60 million euros, which aims to support the Philippines in areas such as circular economy, renewable energy, and climate change mitigation,” Marcos said.

President Ferdinand R. Marcos Jr. said that his meeting with European Commission President Ursula von der Leyen was very productive as both parties have reached significant agreements, one of which is to strengthen the Philippine government’s transition to a green economy through the GEPP.

The Joint Declaration was signed by EU Ambassador Luc Veron, head of the delegation of the European Union to the Philippines, and DENR Secretary Maria Antonia Yulo-Loyzaga.

The meeting discussed the grant of 60 million euros for the Green Economy Programme of the DENR to support the Philippines’ transition towards a green economy, including initiatives on circular economy, reducing waste and plastic, as well as increasing energy efficiency and renewable energy deployment to support climate change mitigation.

The Department of Finance relayed to the EU that it is in close coordination with the DENR on the Green Economy Program and that the Philippines is committed to securing internal government approvals necessary to kick off the implementation of the Program within the year.