As part of the country’s multi-tiered ‘just energy transition’ paradigm, the Department of Energy (DOE) will push for voluntary retirement or repurposing of coal-fired power plants, instead of a mandatory policy.
In an article by Manila Bulletin, Energy Undersecretary Rowena L. Guevara said that the coal retirement move will be among the four strategic energy transition activities that the Philippines will be pivoting.
During the “Mobilizing International Support for Power Sector Decarbonization in the Philippines” discussion, three more initiatives with the aim of reducing carbon footprints are mentioned by Guevara. These are fast-tracking the progress of the renewable sector, implementation of a smart and green grid system, and establishment of ports for offshore wind installations.
Amid the ongoing RE ventures, the energy official said that certain policies are already in place to support its growth, such as instructions allowing 100% foreign ownership of power projects.
To accelerate the development of the renewable sector and lower carbon footprints, the DOE implements a smart and green grid system to support RE, and the establishment of ports to support offshore wind installations.
ACEN Corporation marked its first-mover advantage in retiring coal plants through an energy transmission mechanism (ETM) financing package after shortening approximately half of the life cycle of its 246-megawatt South Luzon Thermal Energy Corporation (SLTEC) coal plant.
Also by 2030, the Renewable Portfolio Standards (RPS) policy as approved by the Energy Department targets to increase the share of renewables in the power grid by 35%, which will gradually increase to 50% by 2040.
Climate Smart Ventures Pte. Ltd. (CSV) Managing Partner Lawrence Ang stated that the current move of the administration towards large-scale renewable investments like grid expansion and offshore wind power development is a bold and decisive strategy to hasten the clean energy transition.
He added that its potential success will drive first movers to expedite transition plans. Additionally, he expressed their company’s support for the country’s decarbonization move and calls for the support of the international community.
Meanwhile, the Rockefeller Foundation expressed its commitment to supporting innovative solutions to the current climate crisis globally while referencing the Philippines as having a clear blueprint for its attempt to shift to cleaner energy,
