Experts are pushing green and sustainable solutions to mitigate the lingering challenges in maintaining the momentum of economic recovery.
At the Power Up Live webinar Philippine Energy and Economy Update hosted by the Manila Electric Co., resource speakers identified these measures as:
pursuit of more sustainable energy solutions, such as the transition to green energy, the use of electric vehicles (EVs) to support decarbonization, and the push for green-certified spaces, have been linked to the country’s continued acceleration towards growth.
One of the resource speakers, Dr. Prinyantha Wijayatunga, chief of the Energy Sector Group of the Asian Development Bank (ADB) highlighted the need to transition to clean and renewable energy, to improve energy security and lower energy costs in the country.
“The transition to green energy is an important step to move forward,” Wijayatunga said.
In his presentation entitled “ADB’s New Energy Policy: Implications in Developing Asia,” Wijayatunga said the energy sector is a cross-sectoral industry that affects many aspects of a country — particularly the economy.
“The energy sector should not be taken as a single sector to proceed with development. We must consider the energy sector part of an overall cross-sectoral intervention. If you take any project, it’s cross-sectoral, not just a single energy project,” he said.
Wijayatunga said many countries see the power industry as a sector with profound opportunities. This is particularly true in the Asean region, as the International Energy Agency believes electricity demand in the area will double by the year 2040. Hence, many countries are switching or transitioning to low-carbon energy sources not only to meet the demand but also to minimize the effects of climate change.
ADB sees the way forward as focusing on decarbonization — reducing carbon dioxide using low-carbon or clean and renewable energy sources, decreasing energy intensity, digitalization, and decentralization. A shift away from traditional areas of investment and towards these four aspects can, Wijayatunga explained, help increase the country’s GDP by lowering energy costs, among others.
Other industries in the Philippines are ready to embrace sustainable energy. According to Maria Fe Perez-Agudo, president of the Association of Vehicle Importers and Distributors, the use of Electric Vehicles (EVs) to support decarbonization is viable in the country, especially with the enactment of the Electric Vehicle Industry Development Act (EVIDA).
She noted global EV sales reached a record high of 6.9 million in 2021. But sales are still emerging in countries such as the Philippines because the mass market has yet to afford the available models.
“This is what the EVIDA will be developing,” Perez-Agudo said.
The real estate industry was among the first to utilize sustainable energy, said Jose Carmelo Porciuncula, executive director for Investor Services of KMC Savills, thanks to the Philippine Green Building Code of 2016. With the Green Building Code, local real estate companies and conglomerates have been pushing for green-certified spaces for their buildings to promote sustainability while minimizing the adverse effects of buildings on health and the environment. – Irma Isip
