European Commission, EIB Allocate Climate Change Funds for Philippines

The European Commission and European Investment Bank have committed a total of 62.5 million euros (USD92.36 million) for the development of climate change mitigation measures in the Philippines, which has been recently struck by two strong typhoons. The European Commission funding includes 9 million euros for sustainable production and consumption programs and 3.5 million euros for community-level projects. The EIB loan worth 50 million euros will be used to construct renewable energy infrastructure,

reports.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.