MANILA, Philippines– The European Union and the Philippines inked a 60-million-euro (around P3.6 billion) financing agreement that aims to promote green investments and infrastructure.

The Green Economy Program deal was signed at the Global Gateway Forum in Brussels, Belgium, on Wednesday, October 25, as part of the EU’s initiatives to assist the Philippines in initiatives such as reducing plastic usage, ensuring water supply, and promoting energy efficiency.

Implementers of the program include the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France. Spain, Finland, Germany, and France also made financial contributions. Other European member states, including Austria, Netherlands, and Sweden, will contribute their expertise as well.

Finance Secretary Benjamin Diokno said the grant will help the Philippines achieve its commitment to reduce and avoid greenhouse gas emissions by 75% by 2030.

“Through this €60 million grant, the country will benefit from various measures in reducing the production of wastes and plastics, deploying renewable energy, and improving energy efficiency,” Diokno said.

Prior to this grant, the fund financed Philippine efforts to improve its internet infrastructure by providing a €20-million grant for connectivity projects.

The EU has examined the potential for a free trade agreement with the Philippines. The EU has also expressed interest in collaborating on projects aimed at developing the Philippines’ mining industry and ensuring the global supply for critical raw materials. – Rappler.com