THE Philippines need to invest in renewable energy (RE) to achieve its target to reduce its carbon footprint by 75 percent between 2020 and 2030.
This was stressed by Repower Energy Development Corp. (REDC) CEO Dexter Y. Tiu as the company joins the celebration the World Sustainable Energy Day.
REDC is an RE company utilizing breakthrough technologies for energy production, through hydropower that promote environmental sustainability.
The Philippines, under its Intended Nationally Determined Contribution submission to the secretariat of the United Nation Framework Convention on Climate Change prior to the 21st session of the Conference of Parties (COP) held in Paris, France, last December promised to reduce carbon emission by 75 percent.
Under COP21, 196 countries, including the Philippines, agreed on the goal to cut carbon emission, which will reduce global warming under 2° Celsius and build a carbon-free world economy in the second half of the century.
Developed countries with existing RE plants have also committed to further investments in renewable technologies. The carbon-emission reduction target promised by the Philippines would come from the sectors of energy, transport, waste, forestry and industry.
Environment Secretary Ramon J.P. Paje earlier said that the government is looking at the Green Climate Fund (GCF) as a vital source of support for the country to achieve its commitment.
On the other hand, Environment Undersecretary Jonas R. Leones said massive reforestation and waste-to-energy projects are potential projects in which the government can apply for GCF funding.
Expanding the forests and investing in waste-to-energy projects will enhance the country’s carbon-emission capacity, while capturing methane to be converted into energy will reduce carbon emission, Leones said.
To achieve its ambitious carbon emission-reduction target, Tiu said that the Philippines need more investments in RE projects.
With the country’s buoyant urban and economic growth, energy requirements grow at a rate that is difficult to fulfill, he said. REDC believes this can be addressed by increasing investments in RE to fill the gap and at the same time cut the country’s carbon emissions.