EU allots P3.76 Billion for green recovery in the Philippines

Geography: Asia
Sector: Energy

Read More: EU allots P3.76 B for PH green financing

As of October 26, 2020, the European Union (EU) has allotted PHP 3.76 billion in grant funding to the Philippines under the Access to Sustainable Energy Programme. This grant will support sustainable recovery efforts in the Philippines, particularly within the energy sector.

During a webinar held on October 22, 2020, the head of the EU delegation of the Philippines, Thomas Wiersing, discussed how this program will aid the Philippines in meeting its goals of improved energy access and energy efficiency. Further, it will allow the Philippines to promote more renewable forms of energy, which will improve health and nature conservation within the country.

At the same webinar, Finance Assistant Secretary Paola Alvarez discussed how the grant is imperative to the Philippines being successful in facing the economic challenges that have been brought on by the COVID-19 pandemic and recent climate disasters. With the effects of COVID-19 demanding a large portion of the fiscal budget, green financing and funding, such as provided through the EU’s Access to Sustainable Energy Programme, are critical to creating a safer future for Filipinos.