Sustainable Energy Solutions Seen To Boost Economic Recovery

Experts say that pursuing more sustainable energy solutions, such as the transition to renewable energy and using electric vehicles (EVs), could help the country sustain its path toward economic recovery.

Priyantha Wijayatunga, Asian Development Bank chief of the energy sector group, said transitioning to green energy is a pivotal step to moving forward, especially since the energy sector is a cross-sectoral industry that affects many aspects of the country, particularly the economy.

“The energy sector should not be taken as a single sector to proceed with development. We must consider the energy sector part of an overall cross-sectoral intervention. If you take any project, it’s cross-sectoral, not just a single energy project,” Wijayatunga said.

ADB considers decarbonization efforts such as using low-carbon or clean and renewable energy sources, decreasing energy intensity, digitalization, and decentralization as the way forward.

Wijayatunga added shifting away from traditional areas of investment and towards decarbonization could help increase GDP growth by lowering energy costs.

Other countries are also switching or transitioning to low-carbon energy sources to meet the demand and minimize the effects of climate change.

President of the Association of Vehicle Importers and Distributors Maria Fe Perez-Agudo said it is possible to use EVs to support decarbonization, especially with the approval of the Electric Vehicle Industry Development Act (EVIDA).

However, Perez-Agudo said it can only work if stakeholders work together to build the right ecosystem and for the mass market to afford the available models.

The EVIDA provides a national policy framework to develop the electric vehicle industry in the Philippines, particularly for the shift to electric vehicles and for further attracting investments and creating high-value jobs.

Moreover, Meralco, currently serving 7.6 million customers in Luzon, said it wants to empower and show support for the Philippines’ economic growth.

“We know that for the economy to prosper, we need a reliable and sufficient supply of energy,” Meralco’s lead specialist for forecasting, utility economics Joebet Isaac Del Rosario said.

“We have been investing heavily in our electric distribution network, and we stand ready to provide the kind of electric service needed by our local companies, partners, and customers to compete in the global market,” Del Rosario said.

Source: Philstar