The Philippine government is set to fast-track the transition toward clean energy through the development of renewable energy projects to help mitigate climate change.
During a meeting with the Group of Twenty (G20), an intergovernmental forum that aims to address global economic issues like climate change mitigation and sustainable development, Department of Finance (DOF) Secretary Benjamin Diokno said that the government is working with the international community to “quicken 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 renewable energy sources, such as hydro, geothermal, wind, and solar power,” Diokno said in a statement.
The Finance Secretary cited the country’s ongoing partnership with the Asia Development Bank (ADB) for an energy transition mechanism (ETM) to help accelerate the transition away from coal power.
“The Philippines, therefore, commits to being at the forefront of the global movement for climate justice. We stand in solidarity with all nations in calling for concrete and equitable climate action,” Diokno added.
The Finance Department is also studying the imposition of carbon tax in the country.
Under the National Renewable Energy Program, the country is targeting 35% of RE in the power generation mix by 2030, and 50% by 2040.
In his inauguration, Pres. Ferdinand “Bongbong” Marcos Jr. acknowledged the country’s concerns in terms of power supply, saying that the government “will find a way” in averting the crisis.
The Philippine Chamber of Commerce and Industry (PCCI) had earlier called on the new administration to define its agenda on energy supply security and affordable power costs amid the rising prices in the industry.
Marcos Jr. has named Raphael Lotilla as his Department of Energy (DOE) Secretary, but his nomination has yet to be cleared to due his commitments to the private sector. Last week, Lotilla stepped down as the Lead Independent Director of Aboitiz Power Corporation.