The Department of Finance (DOF) on Friday said a new private sector-led global organization is exploring a possible country partnership with the Philippines to assist in hastening its transition to green and renewable energy sources.
The private sector-led Global Energy Alliance for People and Planet (GEAPP) has committed an initial $10 billion to help accelerate the implementation of clean energy projects in developing economies that are highly vulnerable to climate change, according to the DOF.
It said that Finance Secretary Carlos Dominguez III recently met with Dr. Rajiv Shah, president of the Rockefeller Foundation, in Glasgow, Scotland on the sidelines of 26th United Nations (UN) Climate Change Conference of the Parties (COP26) to briefly discuss a possible list of projects that the organization can help fund for the Philippines.
In particular, the Finance chief discussed with Shah the decommissioning and repurposing of coal-fired power plants in Mindanao and how the GEAPP can possibly assist in this initiative.
Rockefeller Foundation is one of the pioneers of GEAPP.
Aside from the Rockefeller Foundation, the GEAPP was also launched by the IKEA Foundation and the Bezos Earth Fund on the sidelines of the COP26.
The GEAPP aims to deliver transformational programs that will accelerate and scale up an equitable energy transition in developing and emerging economies, while creating millions of jobs in the process.
Dominguez said that he will discuss the GEAPP proposal with President Rodrigo Duterte so that a list of “actionable” green energy initiatives can be drawn up for consideration by the alliance, according to the DOF.
The Philippines has also partnered with the Asian Development Bank (ADB) to pilot an Energy Transition Mechanism (ETM)-supported project in the country as the government is in the process of rehabilitating the Agus-Pulangi hydropower plant in Mindanao to improve its generating capacity.
As a public-private finance vehicle, the ETM aims to both reduce coal-fired power generation through accelerated plant retirement and boost the growth of RE using an equitable, scalable, and market-based approach.
The DOF said the Rockefeller Foundation has signed a memorandum of understanding (MOU) with the ADB on designing and establishing the ETM facility, which was launched at the COP26 with the Philippines and Indonesia on November 3.
Meanwhile, the Finance department said GEAPP has already raised an initial commitment of $10 billion from philanthropists, governments, multilateral development banks, development finance institutions, and private sector partners.
The said commitment is intended to grow from $35 billion to $50 billion in five years, and over $100 billion in 10 years, according to its proponents.
Dominguez, who is also chairman-designate of the country’s Climate Change Commission (CCC), headed the Philippine delegation to the COP26.
The DOF said the Philippines accounts for only 0.3% of global carbon emissions, but as an archipelago sitting on the typhoon belt and the Pacific Ring of Fire, it is among the most vulnerable to the adverse effects of climate change.
As its Nationally Determined Contribution (NDC) to the Paris Agreement, the Philippines has committed to a projected greenhouse gas emission reduction and avoidance of 75% from 2020 to 2030 for agriculture, wastes, industry, transport, and energy sectors.—LDF, GMA News
Global Energy Alliance eyeing renewable energy projects in PHL –DOF
Source: News Panda Philippines
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