Aboitiz Power Corporation says that a gradual and balanced energy transition is needed to ensure a just transition, considering the current socio-economic realities and needs of the country.
“We all want a future that is powered by abundant renewable energy. The cost of solar panels and battery storage technologies going down are encouraging… But we must be mindful of the present realities of the Philippines,” said AboitizPower Chief Operating Officer for Thermal Operated Assets Ronaldo Ramos.
During the recently concluded Coaltrans Asia 2024, Indonesian Coordinating Minister for Maritime and Investment Affairs, Luhut Binsar Pandjaitan, emphasized that countries with greater capacity should accelerate their carbon reduction efforts.
Meanwhile, developing countries should focus on sustainable growth while gradually reducing their emissions trajectory.
“Developed nations have been the biggest emitters and need to provide real support for the energy transition in the Global South,” said Pandjitan.
Pandjaitan also emphasized that while Indonesia and other Southeast Asian nations are committed to energy transition and decarbonization, coal remains a crucial baseload energy source for stabilizing the grid due to the intermittent nature of renewables.
He noted that even some developed countries are reconsidering their energy mix despite earlier decarbonization efforts.
Meanwhile, ASEAN’s GDP is projected to grow at a compound annual rate of 4.6% between 2020 and 2050, with the Asia Pacific Energy Research Centre forecasting continued growth in coal consumption across nearly all scenarios.
“There is a high investment cost for the ASEAN energy transition and there exists a significant disparity between required funding and the committed funding to accomplish the targets set in the Nationally Determined Contributions or NDC,” said APERC Senior Researcher Phung Quoc Huy.
