Global group eyes green investments in PHL
THE PHILIPPINES is being considered by a private sector-led organization for a possible partnership that will quicken the country’s transition to green and renewable energy sources.
At the 26th United Nations Climate Change Conference (COP26) held at Glasgow, Ireland, Finance Secretary Carlos Dominguez III had a discussion with Dr. Rajiv Shah, the president of the Rockefeller Foundation, which is among the pioneers of the Global Energy Alliance for People and Planet (GEAPP), on the projects the latter could support, the Department of Finance said in a statement.
The group has pledged $10 billion meant to accelerate the implementation of clean energy projects in developing economies that are highly vulnerable to climate change.
The GEAPP is eyeing to grow their commitment to renewable projects in emerging markets to $50 billion in five years. By 2031, it eyes to support $100 billion worth of projects.
Mr. Dominguez, who is also chairman of the country’s Climate Change Commission (CCC), said he will relay the proposal to President Rodrigo R. Duterte. A list of “actionable” green energy initiatives can be drawn up for consideration by the GEAPP.
The Finance chief and Mr. Shah talked about how the GEAPP can assist the decommissioning and repurposing of coal-fired power plants in Mindanao.
The Philippines earlier teamed up with the Asian Development Bank to pilot an Energy Transition Mechanism (ETM)-supported project as the government is in the process of rehabilitating the Agus-Pulangi hydropower plant in Mindanao to improve its generating capacity.
The Rockefeller Foundation signed a memorandum of understanding (MOU) with the ADB on designing and establishing the ETM facility.
Once the seven hydropower plants in Agus-Pulangi see higher generating capacity, the government can proceed with its plan to gradually acquire coal-fired power plants in Mindanao and repurpose them through the ETM facility, Mr. Dominguez said.
The Philippines accounts for only 0.3% of global carbon emissions, but as an archipelago sitting on the typhoon belt and the Pacific Ring of Fire, it is among the most vulnerable to the adverse effects of climate change. — LWTN