The Philippines is not yet part of the financing scheme which helps coal-dependent emerging economies shift to renewable energy, Energy Secretary Raphael Lotilla said as he called on the World Bank to support the country’s goal towards a clean energy transition.

In his remarks during the World Bank’s Securing a Clean Energy Future forum on Thursday, Lotilla reiterated the government’s goal to increase the share of renewable energy in the power mix to 50% by 2040.

The Philippines relies heavily on coal with the highest contribution to the power generation mix at nearly 60%, while renewable energy contributes only over 20% to the energy mix.

“My challenge to the World Bank and our other development partners… that the green transition or the climate transition or securing a clean energy future must be a just and fair transition,” Lotilla said.

“And that means that transition financing or climate financing or call it by any other name, such financing should be available to the country… unfortunately, we are not part of any of the Just Energy Transition Partnerships that have already been put in place,” the Energy chief said.

The JETP is a financing cooperation scheme that aims to help coal-dependent countries shift towards clean energy launched in November 2021 during the United Nations Climate Change Conference or COP26.

“In this energy transition, I want to emphasize a number of things. First, our focus remains on Sustainable Development Goal 1 (SDG 1), which is the reduction of poverty and increasing the access of our people to energy,” Lotilla said.

“Right now, the electrification of the country stands at roughly 96% by the end of 2022. That therefore leaves almost a million households or at least five million without access to clean energy,” he added.

World Bank senior economist Ralph Van Doorn said the Philippines' transition to low and zero carbon alternatives will help address energy demand and improve energy security to power long-term growth.

“Cleaner energy future has many benefits. It is expected to lead to affordable energy. It is expected to enhance the competitiveness of the economy. The shift will reduce air pollution, an important benefit to public health,” Doorn said.

In its report, the World Bank said the Philippines is “uniquely positioned” to transition toward an renewable energy-dominated power system seen to “not only improve energy security but also enhance affordability through primarily private financing.”

“The private sector, which has been driving developments and investments in the energy sector over the past decade, will need to take on more risks and hasten the pace of adoption of new technologies and innovations as the power system pivots to variable renewable energy sources,” according to the World Bank.

“The Philippines’ development partners will also be called upon to do more, especially in facilitating the flow of concessional climate investment funds and technology transfers,” it said. — RSJ, GMA Integrated News

This article Philippines not yet part of Just Energy Transition Partnership — DOE’s Lotilla was originally published in GMA News Online.

2023-06-08T10:10:57Z dg43tfdfdgfd