EU launches €466m green economy initiative in the Philippines

The Team Europe Initiative on Green Economy will develop an industry-led alternative model to the current plastic waste management approach and a circular economy policy

The European Commission has launched a green economy initiative in the Philippines with €466 million (£401m) in contribution.

The Team Europe Initiative on Green Economy will develop an industry-led alternative model to the current plastic waste management approach, leading to more sustainable plastic value chains and a reduction of plastic waste and marine litter.

It will work with the Philippines authorities to also develop a circular economy policy, in particular to tackling plastic waste.

In addition, a policy dialogue platform at government level will promote a circular economy, renewable energy and energy efficiency as well as identify new private energy sector investments focusing on climate change mitigation.

This Team Europe Initiative brings together the European Commission, France, Spain, Germany and Finland, with Austria, Netherlands and Sweden also contributing their expertise.

Ursula von der Leyen, President of the European Commission said: “Global Gateway, the EU’s investment strategy for the world, will support the Philippines on its path to a sustainable future.

“We will invest in the transition to a circular economy and the generation of green energy. And we will also provide expertise, training and tech transfers, because this is the way to empower local communities and that is what the EU cares about.”

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