As the Conference of Parties (COP) to the UN Framework Convention on Climate Change approaches, the Philippines is encouraged to see to a faster transition to renewable energy sources as it could present opportunities for investments in the country as it works to recover from the COVID-19 pandemic.
Ken O’Flaherty, Britain’s COP26 regional ambassador to Asia-Pacific and South Asia, said the Philippines should set a clear policy on energy transition to convince the private sector to invest more in clean energy sources.
The United Kingdom holds the presidency of COP26, scheduled in Glasgow, Scotland, on October 31 to November 12. Among its goals is to press rich nations to deliver on their climate finance pledges to aid developing countries in climate action.
O’Flaherty said the vast majority of the needed money will come from the private sector and that there is money to invest in the energy transition in Asia, including the Philippines. For this to happen, “clear policies by governments in the region, which set the investment opportunities and provide security (for) the investors),” is needed.
“If the Philippines will be able to set a clear net zero goal by 2050, and is able to give more details on its plan for future regulation and activity on the renewable energy sector, I think it will be in a much stronger position to be attracting that capital,” he added.
Although the Philippines has several laws aimed at promoting the use of renewable energy sources such as solar, wind and hydropower, it remains lagging in its commitments to reduce carbon emissions, which have intensified climate change.
The country committed to slash by 75 percent its emissions by 2030 but bulk of the commitment, known as the nationally determined contribution, is hinged on foreign aid and resources.
O’Flaherty urged the Philippines to take advantage of the dropping prices of renewables, most notably solar, as it moves away from the use of fossil fuels such as coal. “The renewables boom in Asia is creating new opportunities. Those countries that are investing in renewable energy and technology will have higher growth rates than those who do not,” he added.
As a nation that is among the most vulnerable to the ill effects of climate change, the Philippines cannot dilly dally and leave its fate to rich nations when it comes to climate action. Simple acts like clarifying energy transition policy can encourage much needed investments that can add to our country’s contribution in the battle to keep climate change at bay.*
