PRESIDENT Ferdinand Marcos Jr. cited on Friday, November 17, 2023, (Philippine time) the keys to address the high cost of green technology amid the global transition from the use of fossil fuel to renewables in a bid to avert the climate crisis.
In his intervention during the Asia-Pacific Economic Cooperation (APEC) Leaders’ Informal Dialogue and Working Lunch at Moscone Center in San Francisco, USA, Marcos called for cooperation in the development of green technology, liberalization of the sector and facilitation of green trade and investment to ensure that green energy solutions are accessible and affordable to all.
“For our part, the Philippines has liberalized to full ownership in the solar, wind, and geothermal sectors, reduced tariff rates on environmental goods, and advanced the promotion and increased adoption of renewables in our energy mix and diversification of energy sources to include clean and indigenous sources and mainstream sustainable practices,” he said.
“Digitalization and innovation are central to building a resilient and sustainable future by optimizing resource use, promoting clean technologies, and supporting smart cities and infrastructure,” he added.
He also noted the importance of collaboration on new and emerging sustainable fuels and technologies, storage systems, electric mobility, and critical minerals for storage, batteries, and cables for the emergence of green technology.
The chief executive said good regulatory practices and integrating innovation into regulatory policy development also plays a key foundational role as it would ensure that economies have an enabling environment to encourage and adopt a green economy.
“As regulators and decision-makers, ours is the responsibility to balance stimulating economic growth with protecting the public during this transition,” said Marcos.
“Capacity building in the development of new models, scenarios, and risk assessment tools, sharing of data, and building of new reporting standards compatible with the evolving context would prove critical in both magnifying the collective impact of our individual actions and appropriately monitoring and evaluating our progress in the implementation of our objectives,” he added.
Marcos said inclusivity, sustainability and affordability should be taken into consideration during the transition for both energy security and environmental protection and preservation.
On the supply side, the President said there should be a deeper collaboration in advancing and adopting affordable and accessible renewable energy and low-carbon technologies to efficiently steer economies away from fossil fuel reliance.
“On the demand side, the promotion of energy efficiency and conservation initiatives can reduce the demand for fossil fuels. Embracing these supportive approaches contributes to an equitable and inclusive transition,” Marcos said.
“Just energy transition entails not only ensuring that affected and already underserved segments such as micro, small, and medium enterprises (MSMEs) and rural and geographically disadvantaged communities continue to have access to affordable energy, but also that our ambition is supported by quality jobs and workforce development, human resource upskilling, infrastructure connectivity, and blended finance packages,” he added.
Marcos maintained that the APEC should work to give justice to those that are least responsible but suffer the most due to climate change, especially by contributing to a trade and investment environment that assists economies in cutting emissions, facilitating climate financing, and supporting technology transfer, especially for the most vulnerable economies.
“In this regard, I call for stronger economic and technical cooperation. Let me end by saying that regional cooperation, structural reforms, and capacity building will be even more critical as we advance toward our sustainability and inclusivity goals,” he said. (TPM/SunStar Philippines)