Nearly 8 of 10 of energy stakeholders in the Philippines agree on the business advantages of renewable energy (RE) but noted need to form coalitions to achieve sustainable goals in the country.
This is contained in the first report for the Asia Pacific (APAC) region titled “Asia’s Climate Goals at Risk – the Urgent Need for Greater Accord” by
BayWa r.e., a global renewable energy developer, independent power producer, service provider and solar distributor. The study was conducted by Kantar, the world’s leading data, insights and consulting company, and surveyed 346 energy decision-makers in Australia, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand, The Philippines and Vietnam.
The report said 87 percent of respondents in the Philippines are in favor of forming coalitions to attain sustainable goals while 81 percent indicated a “better public image” as a top perception for adopting renewable energy.
“Geopolitical tensions, rising costs, and inflation continue to be opposing forces for the energy transition in the Asia Pacific region. Challenges on the road to the transition will persist, and it will be imperative for corporates and governments to come together to overcome them. The APAC Energy Report has shown that corporate leaders are motivated to gather their peers and competitors and call for more public-private partnerships to fulfill the global net-zero goals,” Niranpal Singh, managing director Malaysia, BayWa r.e. Energy Solutions.
The report highlights that while much good progress has been made with the renewable energy transition in APAC, companies which are frustrated by inconsistent government policy are taking the lead and calling for intercompany coalitions to advance sustainability goals.
APAC wide, slow government implementation of renewable energy policies and unpredictable policy environments in local markets are listed among the top barriers to renewables at 36 percent and 33 percent, respectively.
Within companies who are leading the change towards renewable energy, 68 percent strongly agree that companies should form coalitions and work together to achieve sustainability goals along with supporting countries in APAC to work together to provide renewable energy.
