EU urges Philippines companies to mobilize green investments

PHOTO

The European Union hopes to see the Philippine government and Philippine companies move toward a greener economy, including mobilizing green investments especially among corporates.

'To move toward a greener, more circular more circular economy in the Philippines at national, local and private sector level,' EU commissioner for International Partnerships, Jutta Urpilainen told The STAR in an exclusive email interview when asked what initiatives the EU would like to see in the Philippines following the signing of a 60-million-euro Green Economy Program.

The EU is extending to the Philippines a 60-million-euro Green Economy Program, which aims to support the country in various areas, including circular economy, renewable energy and climate change mitigation. The memorandum of understanding was signed at the Global Gateway Forum in Brussels last week.

The Green Economy Program in the Philippines (GEPP) is a flagship project of the EU's Global Gateway, which was launched in 2021.

Furthermore, GEPP is aimed at contributing to the development of emerging markets and developing countries, which are EU partners, particularly in the fields of digital technology, energy and the environment.

This program, a key part of the EU's contribution to the Team Europe Initiative on Green Economy, aims to assist the Philippines in transitioning toward a sustainable economy.

This would include embracing the principles of the circular economy, reducing waste and plastic usage, ensuring water supply and wastewater treatment, promoting energy efficiency and renewable energy deployment to address climate change.

To achieve that, the EU will collaborate with national local governments and the private sector to promote green investments, bonds and skills, focusing on greener supply chains and production processes.

The program will also focus on creating better conditions for private sector investment and innovation, focusing on supporting business to have greener supply chain and production processes, and providing new green skills.

Preparation work for local and corporate green bonds for further investment with scoping or feasibility studies would be another key aspect of the program, the EU said.