Point of view: Here comes the sun

On the same auspicious day, Feb 22, 2022,  the sun had more meaning for me than usual.

First, our company commissioned solar power for our factory and on the same day the Initial Public Offering (IPO) for CITICORE REIT (CREIT) was launched. CREIT manages solar farms and is the first renewable energy REIT to be launched at the Philippine Stock Exchange (PSE). CREIT also happened to invite me to sit in the board as an Independent Director. Stocks were oversubscribed at IPO and the day ended for CREIT on a high.

These two developments are just examples of how companies and the public are now listening or heeding the call to use renewable energy like solar, hydro and wind. Solar seems to be the entry level for many, as wind needs a certain wind speed to work and hydro of course needs a strong source of water gushing to generate power. While solar can be as simple as putting a solar torch or light in your garden, it can be as complicated as a whole 20-hectare farm housing solar panels. But there is more. Solar can also co-exist with agriculture like root crops, giving the farmer-stewards an income besides just watching over the solar panels.

No less than Finance Secretary Carlos “Sonny” Dominguez attended the launch of CREIT’s debut and the honorable secretary mentioned the future of renewable energy. It is our humble contribution to mitigating climate change, even if the Philippines only produces 3/10 of 1 percent of greenhouse gases (GHG). We, however, bear the brunt of increase in global temperatures as seen by typhoons, floods and other natural disasters that could be averted by conscious attempt to reverse climate change.

He continued: “The Philippines’ commitment is to reduce GHG by 75 percent.” I guess he knows we can do it as a tropical country blessed with at least 12 hours of sunlight. The CITICORE REIT increased our REIT investments in the country to almost P300 billion, which is 1.4 percent of our GDP. The public’s interest in the latest REIT, CREIT, shows the growing consciousness of our markets about renewable energy and that is a good development.

In our factory, in the meantime, the solar panels installed will generate enough power to replace some of our expensive power-hungry equipment, provide hot water without use of electric heaters for our manufacturing process and altogether make our factory more energy efficient. Add to that our pioneering projects in assembly of electric vehicles, and it makes one proud that our company has the commitment to walk the talk when it comes to renewable energy.

The days of coal are indeed numbered. With Environment, Social and Governance (ESG) as key business imperatives, every company must now think of the future, and the future is here. You can start by checking your energy consumption, and here are a few tips to help you along in harnessing the natural free energy given us everyday.

• Use more natural ventilation. If you must use air conditioners, get the inverter type to save on electricity.

• Renovate your home or office  to have increased  natural ventilation by relocating windows or adding natural air inflow and exchange.

• Try your hand at small steps like solar torches or lights for your garden or patio. They are now available at online stores and your favorite hardware stores.

• Use solar lights where you did not used to have lighting like dark areas in your property. They gather energy during the day and light up at night.

• Prepare for summer. With blackouts coming closer to reality, choose to get solar-powered fans and other small equipment for the home that uses sun power.

• Even public spaces like malls need to use more natural ventilation (al fresco), skylights to make use of sunlight and other ingenious ways of using less coal-power.

If we all are now more conscious about solar power you will be pleased to know that prices for PV (photovoltaic) cells have gone down with developments on efficient newer models as technology improves. Before you install such equipment big time on your rooftops though, do shop around. There are now many firms who offer solar panel installation.

If all of us considered solar power, imagine the amount of energy we will NOT need from coal. Imagine how much energy we will NOT need from our electric companies. Imagine how much we will contribute to reversing climate change. We may still end up with a cooler clime, even with these seemingly baby steps in solar power use.

In our factory, we can now run lights and inverter aircons in our office, and the cost to amortize may be equal to the amount we are saving each month anyway. There may be a payback period of 3-4 years, but that goes very quickly. Did you imagine COVID to already be on its 2-year run? See how fast two years go by?

Take your own baby steps. Even your procurement of supplies must come from sustainably-sourced farms or providers. That may be helping a solar farmer-steward sell his goods. Invest in the future by converting some of your energy needs to solar. You can start with your home, your office and soon your factories. It’s not only a wise thing to do, it is the right thing to do.

Every kilowatt not generated by coal is a step in the right direction. Now imagine 100 million of us doing that. Solar lights, solar powered machines, inverter equipment – all of these are conscious purchases or investments of a forward-looking leader, citizen or breadwinner. Are you already one of them.

And if you still think it’s too complicated, then just invest in renewable stocks or REITs. But getting your feet wet and rolling up your sleeves to think solar may be the best decision you will make as a responsible global citizen.

Here comes the sun. Welcome it. We have it 12 hours a day. How lucky can we be?