Former US Ambassador for ASEAN affairs and deputy assistant secretary of State for Southeast Asia, Scot Marciel, hopes for an energy transition partnership between the Philippines and the United States, as the former push for more green energy sources.
In a report by the Philippine Star, Marciel encouraged the Philippines to join the Just Energy Transformation Partnership (JETP) just like its neighboring countries, Indonesia and Vietnam, with the goal of reducing Green House Gas (GHG) emissions and supporting affected communities.
In November last year, the Indonesian government alongside its international partners, namely, Japan, the United States, Denmark, the European Union, Canada, Germany, Norway, Italy, France, and the United Kingdom issued a joint statement launching the JETP.
The partnership supported Indonesia in its energy transition while maintaining the 1.5 °C global warming limit, on top of organizing a $20 billion private and public financing from grants, market-rate loans, private investments, concessional loans, and guarantees spanning a three to five-year period to aid their green energy transition.
Of the $20 billion, $10 billion came from pledges from the public sector, while $10 billion came from private institutions like the Bank of America, Deutsche Bank, Citi, HSBC, MUFG, Macquarie, and Standard Chartered. All of this was organized by the Glasgow Financial Alliance for Net Zero (GFANZ).
Vietnam also announced a JETP with international partners in December amounting to $15.5 billion of public and private funds, supporting the country’s green energy transition over the next three to five years.
Under the Philippine Energy Plan, the country looks to transition to clean energy by increasing the renewable energy mix to 35% by 2030 and 50% by 2040.
To accomplish this goal, the country actively encouraged increased investments in the renewable energy sector.