EU Boosts Climate Projects in the Philippines, Enhancing Renewable Energy and Resilience

Jan 2025

The Philippines will receive EUR 10.7 million (USD 11.12 million) from the European Union (EU) to support climate mitigation and adaptation initiatives. This funding is part of the Climate Fund Managers’ (CFM) Climate Investor Two (CI2) Fund, a USD 1 billion blended finance facility aimed at enhancing water, waste, and ocean infrastructure in emerging economies. CFM investment director Jeb Victorino highlighted the importance of public sector commitments like the EU’s in unlocking private investments necessary for driving meaningful change in communities heavily impacted by global warming.
A portion of the funding will be directed towards developing a bioenergy facility in San Manuel, Isabela, co-developed by CFM and BioAsia Energy Holdings. This project will include the construction of a 10-megawatt biomass plant and a 4-megawatt biogas plant, with construction set to begin in the fourth quarter of 2025. The facility aims to contribute renewable energy and gas capacity to the grid while reducing carbon dioxide emissions by 40,000 tonnes annually. Richard Tan, president of La Suerte Rice Mill Corp, emphasized the initiative’s potential to address agricultural waste and renewable energy challenges, benefiting local farmers and communities.
The EU funding will be managed through the FMO, a Dutch development bank. Dutch Ambassador to the Philippines Marielle Geraedts noted that CI2 exemplifies effective collaboration between public and private sectors, facilitating necessary investments. EU Ambassador Massimo Santoro reiterated the EU’s commitment to supporting vulnerable regions like the Philippines, which face increasing challenges from extreme weather events and rising sea levels. This funding will enable essential investments in projects like the Isabela facility, enhancing climate resilience for future generations.
(Source: Philippine News Agency)

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