Institute for Climate and Sustainable Cities
REACTIVE: Duterte’s SONA call for renewable energy confirms PH energy transition underway
MANILA, 22 July 2019 — Reacting to President Rodrigo Duterte’s statements in his fourth State of the Nation Address today calling for “to fast-track renewable energy resources to reduce the country’s dependence on traditional energy sources such as coal”, Renato Redentor Constantino, executive director of the Institute for Climate and Sustainable Cities, said:
“The President’s call to fast-track renewable energy projects to reduce dependence on coal is the signal policymakers need to hear. No less than the country’s chief executive is echoing what government and financial institutions now robustly recognize, that the Philippines is needlessly dependent on economically harmful, unreliable and heavily subsidized polluting coal and imported fossil fuels.
“The country already has $21 billion worth of stranding coal plant assets in the pipeline, and we already pay more than $200 million per year in diesel subsidies. But we can achieve energy security and secure more affordable, cleaner power by hastening the transition to renewable energy.
“As Bangko Sentral ng Pilipinas managing director Lyn Javier said last Friday in their Greening the Finance System launch with private sector groups, ‘climate change affects the entire economy, yet the financial sector is not fully aware of the impacts of climate change to our businesses. ’
“And as Securities and Exchange Commissioner Ephyro Luis Amatong said in the same event, ‘providing investors with a new lens with which to view the Philippines – as a sustainable investment destination – is an opportunity that must be seized.’”
The Institute for Climate and Sustainable Cities is a Manila-based international climate and energy policy group advancing climate resilience and low carbon development.
Denise Fontanilla, associate for policy advocacy: firstname.lastname@example.org