EU supports sustainable economic initiatives in PH

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    The European Union (EU) is a strong ally of the Philippines in ensuring environmentally sustainable economic activities through a P3.76 billion grant under the Access to Sustainable Energy Programme.

    In his remarks at the “State of Play: Green Recovery and Sustainable Reporting” webinar on Oct. 22, Thomas Wiersing, head of the EU Delegation of the Philippines, said the program responds to the Philippines’ goal to increase energy access, promote renewable energy sources to decrease the use of polluting power sources and reduce negative impact on the environment and health.

    Wiersing said the program also supports the Philippines’ thrust in making energy efficiency and conservation a national way of life.

    “The Philippines is also pursuing the implementation of an ambitious climate adaptation and mitigation pledge with EU support in line with its ratification to the Paris Agreement,” Wiersing said,

    At the webinar, Finance Assistant Secretary Paola Alvarez said aside from the impact of the new coronavirus disease 2019, the Philippines needs to spend more to protect its growing population from the effects of climate change.

    Alvarez said the economic damage and losses of strong typhoons in the past like Yolanda, Sendong and Pablo amounting to P256 billion are projected to increase over the long term basis because of climate effects.

    She noted the importance of green finance or sustainable financing at this time due to limited budget and fiscal space due to the pandemic.

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