QUEZON CITY, November 14, 2022 – Businesses and companies in the Philippines weighed in on the savings and positive impacts on the private sector brought by renewable energy through the Department of Energy’s Green Energy Option Program (GEOP), in the first of three webinars of the “Pilipinas: Aspire, Rise, Sustain” series last Friday.

The series, which is certified by the Securities and Exchange Commission (SEC), is hosted annually by the Institute of Corporate Directors (ICD), in partnership with the Institute for Climate and Sustainable Cities (ICSC) and The Climate Reality Project Philippines. The first webinar focused on GEOP, a policy mechanism under Republic Act 9513 or the Renewable Energy Act of 2008 that aims to provide consumers the option to choose renewable energy as a power source. Qualified participants are electricity end-users with an average peak demand of at least 100 kilowatts (kW) for one year.

“By sourcing renewable energy for your company, you can get closer to reaching your sustainability targets. With enough support from the government and options made available by the private sector, you are sure to find a solution that is right for you,” said Chloe Kayanan, power marketing manager of First Gen Corporation.

Kayanan added that after GEOP rules were finalized in 2021, the first batch of green energy users was given the go signal to be supplied with renewable energy by March 2022. Currently, there are 177 GEOP end-users, most of which fall under the manufacturing and real estate industries.

“After learning that we are qualified to switch to GEOP, the first thing we did was to assess the benefits and risks of entering the program and found that there were various benefits and fewer risks. It is remarkable in terms of the cost savings it has provided. Since the time we switched last April, we have saved around PHP 4.2 million already in terms of electricity costs on top of the positive environmental income. It helped us bring in additional revenue for the company,” said Celeste Romualdo, general manager of Linden Suites based on Ortigas.

“In our first month alone, the savings were significant. Right now, with the uncertainty and continually rising cost of fuel, traditional electricity rates have gone up. Through GEOP, our savings are becoming larger also. Not only the savings but it also feels great to note that 100 percent of our energy is now sourced from green energy sources, helping pave the way for low carbon dioxide emissions to help prevent global warming,” said David Co, business development head of Vita Tropic Ice Company Inc., in a recorded message.

Apart from the savings generated through GEOP, the webinar also shed light on how the mechanism can help Philippine companies do their part to contribute to decarbonization efforts. Converge ICT Solutions Vice President for Strategy and Sustainability Bryan King Kay cited that after GEOP and Retail Competition and Open Access (RCOA), the company enjoyed an estimated PHP 17.2 million worth of savings as of July this year, and their shift to renewable energy led to an estimated 5,036.210 tons worth of carbon emission reductions.

“I am seeing genuine commitment from the Philippine government to move the country past its dependence on fossil fuels that drives up power generation costs. I recognize that the GEOP is one key initiative to support this call. It empowers businesses, communities, companies, and entities to choose renewable energy which provides cheaper power generation compared to coal in the captive market,” said Phyllis Cuttino, president and CEO of The Climate Reality Project.

“GEOP provides an opportunity for businesses and companies to generate savings and help mitigate global warming and climate change, and this is just one tangible pathway that the private sector can take to begin or sustain their journey towards sustainability and resilience,” added Cuttino.

The next part of the Pilipinas: Aspire, Rise, Sustain Series will be held on November 18, 2022, via Zoom. Entitled, “Social and Governance Factors in the Post-Pandemic Landscape”, the session will focus on the current social and governance challenges confronting the private sector, and how they can work together with the public sector in ensuring progress and sustainability.

 

NOTE TO THE EDITOR
“Pilipinas: Aspire, Rise, Sustain” is a three-part webinar series organized by the Institute of Corporate Directors, with the Institute for Climate and Sustainable Cities and The Climate Reality Project Philippines. It is certified by the Securities and Exchange Commission (SEC), as participation in this webinar meets the recommended best practices for continuing directors’ education prescribed by the commission. The succeeding webinars for this year’s iteration will be held on November 18 and November 25. For more information, visit https://www.icd.ph/webinars-15/pilipinas-aspire-rise-sustain-webinar-series.

ABOUT
The Institute of Corporate Directors, is a non-stock, not-for-profit organization dedicated to the professionalization of Philippine corporate directorship by raising the level of corporate governance policy and practice to world-class standards.

The Institute for Climate and Sustainable Cities is an international climate and energy policy think tank group based in Quezon City promoting climate resilience and low carbon development.

The Climate Reality Project Philippines is the country chapter of The Climate Reality Project, an organization that aims to catalyze a global solution to the climate crisis by making urgent action a necessity across every sector of society.

CONTACT
Anton Onato, media@icsc.ngo, +63 917 149 5649, +63 998 546 9788

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