£8-B British green energy investment fund to boost PH economy — Dela Cruz

£8-B British green energy investment fund to boost PH economy — Dela Cruz

MEXICO, Pampanga — Climate Change Commissioner Albert Dela Cruz Sr. on Sunday welcomed the United Kingdom’s plan to invest in viable green energy and infrastructure projects in the Philippines saying the business plan would boost the government’s advocacy for self-sufficiency and resiliency in the face of the impacts of climate change on the country’s economy.

According to UK Minister for Indo-Pacific Anne-Marie Trevelyan, the United Kingdom is set to allocate £8-billion (pound sterling) fund in green energy projects from the British Investment Partnerships (BIP) following its launching in the Philippines about a week ago at The Manila Peninsula Hotel in Makati City.
The minister explained that BIP will set in motion more investments to come into the country through the mobilization of funding from the British private sector and with the provision of much-needed technical expertise that would support the Philippines’ sustainable infrastructure development and the transition to clean energy as well.

“Through British Investment Partnerships, we will support the development of high-quality, sustainable infrastructure to accelerate the transition to clean energy and secure a prosperous and resilient future for the Philippines,” Trevelyan announced.

For his part, Commissioner Dela Cruz commended the British government for its continuing partnership with the Philippines in promoting goodwill and a closer relationship despite the distance and difference in culture.

“The influx of funds from the UK will surely help in our development plans for the current year and could result in the booming of our economy and a much possible means of achieving livelihood and economic security for our people who are so much affected by inflation following the Covid-10 pandemic and also climate-related problems brought about by global warming and climate change,” the climate official pointed out.

British Ambassador to the Philippines Laure Beaufils noted that the 8 billion pound sterling fund from the BIP had actually been launched by the UK in the middle of last year and this only came into fruition the current year.

“Although it was just launched in the country this year, the BIP has already funded a USD25-million solar project in Negros Island. The share of the Philippines in the £8 billion BIP fund will depend on the projects that the UK companies will be interested in investing into,” the British envoy said.

“This is not (the) British government that will be choosing, and we have development finance institutes that will be identifying, and then they will do their due diligence . . . So we’re really keen to encourage people to put projects and ideas to us because the more there is a robust pipeline, the more money will be invested in the Philippines,” she added.

(Amado Inigo/MTVN)

Leave a Reply