RE storage now a reality, private sector urged to invest
QUEZON CITY, November 26, 2022 – As renewable energy (RE) technologies have become more efficient and affordable, the reality of energy storage systems (ESS) fills the gap that constrains the increase of RE's share in the power generation mix of the Philippines. With ESS, the variability of RE becomes a non-issue and 24/7 power with renewables is now possible. This was the clarion call issued yesterday by leading business analysts tracking energy trends in the country and Southeast Asia. “Developers recognize that they have to place their bets today. Coal is out of the picture in the next five to [...]
Private sector urged to support local climate resilience and 1.5 degree Paris goal
MAKATI, 05 November 2021 -- Corporate directors in the Philippines explored opportunities to accelerate climate action and resilience in coastal communities, as world leaders underscore greater climate action from the private sector in the ongoing climate talks in Glasgow. Business officials were presented with corridors where they could contribute to meeting the country’s Nationally Determined Contribution (NDC) and the 1.5 degrees Celsius global warming threshold set in the Paris Agreement. “The bulk of the 75 percent emission reductions committed in the Philippine NDC is contingent upon foreign support and only 2.71 percent will be implemented through domestic means, underscoring the [...]
Rapid PHL energy transition best for faster economic recovery – private sector
MAKATI, 29 October 2021 -- Corporate directors stress the urgency to fast track the energy transition in the country, heeding the Code Red warning issued by the Intergovernmental Panel on Climate Change (IPCC) earlier this year. “Evidence clearly shows even before the pandemic that coal has been intermittent and unreliable. As households and the private sector struggle with the economic impacts of COVID-19, data also shows coal is the reason behind spiking electricity bills and rotating blackouts. Continuing with coal is Code Red for businesses,” said Jephraim Manansala, chief data scientist of the Institute for Climate and Sustainable Cities (ICSC), [...]
PH banks seek policy guide on financing shift to ‘green energy’ projects
by Myrna Velasco | August 25, 2021 | Published by Manila Bulletin | READ THE STORY HERE Energy officials have been casting the country as a ‘mecca for green energy investments’, but one vital anchor to that is project financing, hence, major local banks are seeking policies that will guide them on the shift of financial flows to clean energy ventures. In a virtual forum convened by the Institute for Climate and Sustainable Cities (ICSC), domestic bank giants BDO Capital Investment Corporation and the Bank of the Philippine Islands (BPI) sounded off that funneling massive scale of financing to green [...]
Philippines needs to address policy gap for financing RE debts
by Danessa Rivera | August 23, 2021 | Published by Philstar.com | READ THE STORY HERE MANILA, Philippines — The Philippines needs to address the policy gap for financing renewable energy (RE) developments to be able to reach its clean energy capacity and energy transition targets as this gap has kept projects from getting to shovel ready status. In a webinar organized by the Institute of Corporate Directors (ICD) in partnership with the Institute for Climate and Sustainable Cities, The Climate Reality Project Philippines, and ClientEarth last Friday, participants stressed the critical need to address challenges in financing RE projects. [...]