International and local experts on climate and sustainability will convene next week to discuss the challenges, opportunities, and solutions to expedite the Philippines’ private sector net-zero journey, from commitment to execution and completion.
Lopez-led Energy Development Corp. (EDC), in a statement Monday, said the Net Zero Carbon Alliance (NZCA) will celebrate its second anniversary on September 25 and it strongly encourages Philippine companies to attend the conference entitled “Zeroing in on Net-Zero: From corporate pledges to action.”
“From learning about the state of net-zero corporate pledges in the Philippines and the potential of carbon capture technologies in decarbonizing hard-to-abate sectors, to exploring the business case of embarking on a net-zero journey and gaining insights into strategies to mitigate ESG risks while driving long-term profitability, NZCA sets this event as a stage for businesses to explore opportunities in transitioning to net zero and help pave the way toward a safe and regenerative future,” NZCA, which is spearheaded by EDC, said.
NZCA seeks to invite private Filipino companies and businesses to join the movement and work together in achieving carbon neutrality by 2050.
The Philippines alone has emitted approximately 146.5 million tons of carbon dioxide from energy consumption last year, which showed an increase from the previous year’s total of 135.8 million tons of carbon dioxide. The group said the event will zero in on sharing strategies to reduce greenhouse gas emissions and achieve net zero carbon by 2050.
However, it noted that the standards set by these international institutions do not necessarily translate well in the Philippine setting. As a developing country, the Philippines is admittedly behind in the commitment to attain net zero by 2050, as the government is primarily focused on meeting its renewable energy goals first. This puts pressure and a higher calling for the Philippine business sector to take the initiative in the movement towards reaching carbon neutrality, the group said.