The government could also fund a portion of the railway projects itself or seek investments from the private sector. According to a Reuters report on Monday, Japan, South Korea and India have offered to finance railway projects in the Philippines worth nearly five billion US dollars, as announced by Manila’s Transportation Minister Jaime Bautista. In search of an alternative to China’s Belt and Road Initiative, the Philippines are looking towards the West and other regional partners. China is the world’s largest emitter of the particularly climate-damaging gas, and yet it is making minimal efforts to reduce these emissions. Nico Beckert analyzes why the proposed measures have disappointed climate activists. Together with Italy’s withdrawal from Belt and Road, we see a mixed picture: While some countries still have a great interest in Chinese engagement, others have become more suspicious.Īfter much delay, China has finally unveiled its plan to reduce methane emissions. This port was previously considered a significant cornerstone of the Belt and Road Initiative. Meanwhile, Sri Lanka has invited the USA to invest in the port of Colombo. For Marcos, the primary concern is the threat posed by the territorial claims of the overwhelmingly large neighbor, as reported by Joern Petring. This marks a clear departure from the China policy of his predecessor. President Ferdinand Marcos also invites the USA to expand military bases in their country. The Philippines are rejecting China’s loans and are opting to borrow money from Japan instead. It almost seems like a trend of moving away from the new Silk Road.
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