Concerned Groups, Philippine Government Discuss Plans for Financing Renewable Energy Transition
March 2021
A webinar co-hosted by WWF-Philippines, NREB and CEIA discussed the risks and opportunities involved in transitioning the Philippines towards a renewable energy future. Photograph © WWF-Philippines
Philippines - The Clean Energy Investment Accelerator (CEIA), together with the World Wide Fund for Nature (WWF) Philippines, the Philippine National Renewable Energy Board (NREB) and the Greening the Banks Initiative (GTB) came together for a webinar on the 19th of March to outline plans for financing renewable energy projects in the country.
The webinar, “The 35% RE Blueprint to 2030: Assessing Opportunities for Financing RE Ambition,” discussed risks and opportunities for transitioning the Philippine power supply towards renewable energy. This is in keeping with the national government’s goal of having 35% of the country’s power generation come from renewable energy sources by the year 2030.
Pressure for climate action has ramped up as the world enters the second year of the Decade of Action. With less than a decade to meet the Sustainable Development Goals, governments have been urged to help their countries set and meet their Nationally Determined Contributions (NDCs) and to cut their dependence on fossil fuels. Conservation groups are also pushing the Philippine government to commit to cutting the country’s carbon footprint by 75% by the year 2030, based on the proposed Philippine NDC.
The webinar was held to help identify ways in which RE projects could be allowed to flourish in the Philippines. Photograph © WWF-Philippines
“Meeting our climate commitments will require the joint efforts of both local and national government and the public and private sectors. And it is the financial sector that can keep the ball rolling on all of these efforts,” said WWF-Philippines Project Manager Cheerylyn Agot.
Agot oversees WWF-Philippines’ Financing and Integrating Renewable Energy in Butuan City (FInRE-BXU) project. The project seeks to leverage access to financial resources to support the development of RE projects in Butuan City.
The event began with NREB Chairperson Atty. Monalisa Dimalanta, who discussed the current situation of the Philippine energy sector and the plans in place to accelerate the development of RE. CleanTech Global Renewables President and CEO Salvador Castro then presented the opportunities and challenges behind the development of RE in the Philippines. United Coconut Planters Bank (UCPB) Investment Banking Unit Team Head Michael Zapata gave insights on the preparedness of local banks to finance RE projects, while Marsh Offshore Wind & Renewable Energy Practice Leader Marin Beck shared the perspective of insurance groups on the importance of low-carbon transition in the Philippines.
The Philippines has committed to a target of 35% RE share in the countries’ power generation mix by 2030. Photograph © WWF-Philippines
To support the transition, the government has rolled out several policy initiatives to build an environment favorable for the growth of RE in the country. Policies like the Green Energy Option Program allow the public to promote the development of RE and opt to choose RE in meeting their requirements, while the Renewable Portfolio Standards requires distribution utilities to have a percentage of their electricity sales dedicated to renewables.
Future program support strategies are also underway, such as Local Renewable Energy Planning. Together with the city government of Butuan and other key stakeholders from the public and private sector, WWF-Philippines' FInRE-BXU project is helping to develop a renewable energy plan for Butuan City as incorporated in the local energy development plan.
“The transition toward a renewable energy future will only be possible if we build an environment that allows for it. In enacting good policies and in ensuring private-public financing for the development of RE, we can truly get the transition up and running,” added Agot.
Representatives from the national government, the finance sector, and independent RE developers identified the need for a strong policy environment in the Philippines’ 35% RE blueprint. Photograph © WWF-Philippines
Steam continues to gather behind the push for a renewable future for the Philippines. National and local governments continue to come together with stakeholders from across Philippine society to secure funds and create an environment that allows renewables to flourish. Support WWF-Philippines, and help build a future where humankind lives in harmony with nature.
The "Taking Deforestation out of Banking Portfolios in Emerging Markets" Project and the "Financing and Integrating Renewable Energy in Butuan City (FInRE-BXU)" Project are part of the International Climate Initiative (IKI). The Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety (BMU) supports this initiative on the basis of a decision adopted by the German Bundestag.
For more information, please contact:
Joseph Eijansantos
Sustainable Finance Policy Manager
jeijansantos@wwf.org.ph
Atty. Diosie Claine Avelino
Sustainable Finance Engagement Manager
dcavelino@wwf.org.ph
Ms. Cheerylyn Agot
FInRE-BXU Project Manager
cagot@wwf.org.ph
For media arrangements, please contact:
Ms. Chezka Guevarra
Public Relations, Media, and Events Assistant Manager
cguevarra@wwf.org.ph
