WITH THE OVERARCHING GOAL of accelerating the Philippines’ transition towards a green economy, the Ministry for Foreign Affairs of Finland together with the Department of Trade and Industry – Board of Investments (DTI-BOI) and the Global Green Growth Institute (GGGI) launched the Green Investment Transition Program (GTIP) on May 31 in Makati City.
His Excellency Juha Pyykkö, Ambassador of Finland to the Philippines led the launching ceremony together with DTI Undersecretary and Managing Head of the Board of Investments Ceferino Rodolfo and GGGI Philippines Country Representative Mr. Juhern Kim .
The launching ceremony was followed by a panel discussion on “Accelerating Green Transition in the Philippines through Waste Management and Circular Economy” with top officials from the government, development partners from the private sector, social enterprises, green investors and start-up accelerators.
“One of the great things about the GTIP is the way that it was jointly developed. Now the actual work begins. But we are building on a very collaborative way by which this project has been designed, by the Finnish government , by GGGI, by all stakeholders including the Department of Trade and Industry,” DTI Undersecretary and BOI Managing Head Ceferino Rodolfo remarked.
The 3-year program, implemented in the Philippines, Vietnam and Indonesia, targets to mobilize EUR 100 million (US $107 million) in investments, create 250 green jobs and help reduce 1.5 million tons of greenhouse gas (GHG) emissions. In the Philippines, the focus sectors are downstream waste management infrastructures and circular economy start-ups and small and medium enterprises.
For the Philippines, the ideal target investment to be mobilized for both circular economy start-up SMEs (small and medium enterprises) and the downstream waste management infrastructure sector is EUR 50 million for 2 to 3 bankable projects that will utilize pioneering Finnish technologies and expertise to provide technical and vocational training for these sectors.
“All the planned activities and actions are fully in line with the National Action Plans and Strategies of the Philippines. The expected impact of the GTIP is that green transition, training and investments in beneficiary countries are accelerated, resulting in reduced greenhouse gas emissions and creation of green jobs for the Philippines,” Juha Pyykkö, Ambassador of Finland to the Philippines said.
To achieve these ambitious targets in the Philippines, GGGI, as the delivery partner of the GTIP, will collaborate with TESDA (Technical Education and Skills Development Authority) and Finnish TVET (Technical and Vocational Education and Training) Institutions to design a high-impact and inclusive green vocational training program. This will ensure that the Filipino workforce is equipped with the necessary skills to match the demands of new green jobs.
“What we are proud about this program is that it focuses on investment, green investment. There are good policies guiding the transition towards circular economy and sustainable waste management out there, but the question is how to implement them on the ground. This program is designed to help facilitate the investment discussion among government agencies, project developers and investors to accelerate the transition,” said GGGI Philippines Country Representative Juhern Kim.
The Green Investment Transition Program (GTIP) aims to funnel significant green investments to the Philippines by helping the country overcome barriers such as technological gaps and credit risks. A green technology needs assessment followed by pre-feasibility studies will be conducted and the formation of strategic partnerships will be made in order to determine the kinds of funds and bankable projects to be implemented, that will successfully address these feasibility gaps.
