Government to pursue more RE sources

MANILA, Philippines — The government has committed to fast track its transition toward clean energy by pursuing more renewable energy sources amid the worsening impact of climate change.

In a recent meeting with the G20, Finance Secretary Benjamin Diokno said the Philippines is bent on being at the front line of global climate action as ordered by President Marcos.

This, as the Philippines continues to be a high risk for climate-related disasters, cementing the need for a better transition toward green recovery.

Diokno said the government is moving to expedite the country’s transition from coal to clean energy.

“We will deal with the impact of climate change while bringing down energy costs through developing clean and RE sources, such as hydro, geothermal, wind, and solar power,” Diokno said.

The government has been emphasizing the need to bring down the country’s dependence on energy imports by developing renewable energy and indigenous sources.

About 50 percent of the country’s energy needs, such as coal and oil, are still being imported making the Philippines among the most vulnerable to price shocks.
Data showed that only 29 percent of the country’s current energy mix comes from renewables. The Department of Energy would like to bring it up to 35 percent by 2030 or to 50 percent by 2040, as outlined in the Renewable Energy Roadmap.

In particular, the Philippines has partnered with the Asian Development Bank to roll out the Energy Transition Mechanism (ETM) project, which aims to accelerate the shift of Southeast Asian economies from coal to green energy.

In his inaugural speech, Marcos said plastic pollution and climate change are among the critical issues that the government will address.

The government earlier committed to reduce greenhouse gas emissions by 75 percent by 2030.

To address climate change, the Department of Finance has pushed for the enactment of a law that would either regulate or tax single-use plastics. The DOF is also looking at carbon tax.

“Considering the country’s vulnerability in climate-related disasters, the government had made climate finance a strategic policy priority. Our climate finance initiatives will promote a sustainable orchestration of grants, investments, and subsidies,” Diokno said.

Right now, the government is mobilizing climate finance through the Green Force, an interagency task force co-led by the DOF and the central bank.