NEDA Pushes for Renewable and Nuclear Energy Investments

The National Economic Development Authority (NEDA) is currently advocating for more investments in the sector of energy to sustain economic growth.  NEDA is also supporting approaches to explore nuclear energy and renewable energy.

In the  Employers Confederation of the Philippines’ National Conference of Employers, NEDA Secretary Arsenio Balisacan mentioned that the government’s economic agenda indicates energy as an important binding constraint to reach the projected economic growth in the medium term.

Specifically, the government is looking at a growth of 6.5% to 8% per year from 2023 to 2028.

Sec Balisacan says that “We must ensure that investment into the sector must come in and must come in quickly because, with the 6.5 to eight percent growth, that reserve can easily be wiped out,”

It was mentioned that nuclear energy could be a potential source as well as renewable energy sources.

“Nuclear is one energy source that can be reliable, can be low cost and we explore that as part of a mix of what I refer to as efficient, affordable and sustainable and reliable energy sources,” he says.

Sec Balisacan also says that the Philippines would need to take advantage of opportunities in renewable energy sources.

When it comes to coal-powered plants, it was mentioned that several countries are veering away from this since this practice is detrimental to the environment.

As a country vulnerable to climate change, Balisacan says the Philippines should do its part.

“If there are alternative sources of energy that are cheaper, accessible, reliable, it boils down to that,” says Sec Balisacan.

Source: Philstar