ENERGY Secretary Raphael P.M. Lotilla in his keynote address during the inaugural ESG (Environmental, Social and Governance) Conference in the Philippines organized by Mitsubishi UFJ Financial Group (MUFG) underscored the country’s clean energy transition program underpinned by the principles of inclusivity, resilience, and sustainability. This commitment is evident in the targets outlined in the Philippine Energy Plan of achieving at least 35 percent renewable energy share in the power generation mix by 2030, 50 percent by 2040, and more than 50 percent by 2050.
At the core of this energy transition is the aggressive pursuit for developing and maximizing the country’s renewable energy resources, development of a smart and green transmission infrastructure to accommodate the influx of additional renewable energy capacities, to be complemented by investments in energy storage system to manage its variability, putting premium on offshore wind development and the required port infrastructure for its effective roll-out and other marine-based energy resource development projects, and the promotion of energy efficiency and conservation measures in both government and private sector organizations, as well as pursuing emerging technologies to expand the country’s energy supply portfolio.
Acknowledging the enormous challenges that lie ahead, specially the availability and access to transition financing, the Secretary emphasized the role of financial institutions like MUFG becomes crucial. Innovative financial instruments, such as green bonds and sustainability-linked loans, play a critical role in providing the necessary financial backing to propel innovative green technologies to market, scale renewable energy projects, develop sustainable infrastructure, and support energy efficiency initiatives.
This article has been sourced from the Department of Energy Philippines Facebook Page.
