President Ferdinand R. Marcos Jr. spelled out the measures to address the high cost of green technology as the world transitions from fossil fuel use to renewables to avert climate crisis.
In his intervention during the Asia Pacific Economic Cooperation (APEC) Leaders’ Informal Dialogue and Working Lunch at Moscone Center in San Francisco, California on Thursday, President Marcos said that the key to addressing the high cost of green technology is cooperation in its development, liberalization of the sector, and facilitation of green trade and investment.
“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 during the informal dialogue that tackled sustainability, climate, and just energy transition.
“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 also pointed to collaboration on new and emerging sustainable fuels and technologies, storage systems, electric mobility, and critical minerals for storage, batteries, and cables as some of the many possibilities.
Economic reform toward greening the economy also plays a key foundational role, he stressed, adding good regulatory practices and integrating innovation into regulatory policy development 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,” he noted.
“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.”
Also, according to the President, the transition for both energy security and environmental protection and preservation in line with the climate goals must be done in a way that is just, inclusive, sustainable, and affordable.
On the supply side, on the other hand, deeper collaboration in advancing and adopting affordable and accessible renewable energy and low-carbon technologies can steer economies away from fossil fuel reliance.
Using science, technology, and innovation and cooperation in research will lower costs of development, enhance the quality of technologies, and expedite climate mitigation solutions.
“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 noted.
“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. PND
