Continued investments in RE needed

THE PHILIPPINES must continue to invest in renewable energy to achieve the global commitment signed at the 2015 Paris Climate Conference (COP21) to reduce global greenhouse gas emission, Repower Energy Development Corporation (REDC) chief executive Dexter Y. Tiu emphasized as part of the company’s celebration of the World Sustainable Energy Days.

Under COP21, 196 countries including the Philippines agreed on the goal to cut carbon emission which will reduce global warming under 2 degrees Celsius and build a carbon-free world economy in the second half of the century.

Developed countries with existing renewable energy plants have also committed to further investments in renewable technologies.

“We need more investments in renewable energy for the country to reach its carbon commitments,” said Tiu who heads REDC, a renewable energy company utilizing breakthrough technologies for energy production through hydropower that promote environmental sustainability.

With the country’s buoyant urban and economic growth, energy requirements grow at a rate that is difficult to fulfill. REDC said that this can be solved by increasing investments in renewable energy to fill the gap and at the same time cut the country’s carbon emissions.

In 2008, the government enacted the Renewable Energy Act to promote renewable energy, but the country is still struggling to boost the industry because investing in renewables is more costly than coal and fossil fuel.

Tiu said the debate between advocates of traditional sources of energy and renewables should not be a matter of choosing between a vibrant economy and a healthy environment.

“Some companies in the country are now using energy from renewable sources like solar, geothermal, and hydro power plants. For them, it’s not just a strategy to sustain future energy needs but also a business policy,” Tiu said.

The Philippines has a strong potential capacity in renewable energy which makes up a significant portion of the 12,128 MW daily energy generation or a minimum of 30 percent in the country’s total energy source, indicating great potential for growth.