RP eyes global funds for climate change initiatives

MANILA, Philippines - The Philippines is planning to tap other global funds to help address the issue of global climate change, Energy Secretary Angelo Reyes said.

Reyes, who is attending the United Nations Climate Change Conference in Copenhagen, said aside from the recently endorsed $250-million Clean Technology Fund (CTF) by the World Bank and the Asian Development Bank (ADB), the country may also look at accessing global financing mechanisms such as the Clean Invest Funds (CIF) and Clean Development Mechanism (CDM).

CTF is part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.

The CTF, to be issued in concessional loans, will support the deployment of low carbon energy technologies as well as energy efficiency measures for industry, commercial buildings and municipalities. 

Reyes noted that the CTF seeks to promote scaled-up financing for demonstration, deployment and transfer of low carbon programs and projects with a significant potential for long-term green house gas (GHGs) emissions savings.  

The energy chief said the CTF also promotes the realization of environmental and social co-benefits thus demonstrating the potential of low-carbon technologies to contribute to sustainable development and the achievement of the Millennium Development Goals (MDBs).  

The fund, he said, includes programs in the power sector (renewable energy and highly efficient technologies to reduce carbon intensity), transport sector (efficiency and modal shifts), and in energy efficiency (buildings, industry and agriculture).

The Philippines, a leading country in the world in terms of renewable energy (RE), uses RE applications in 43 percent of total primary energy supply.

“We will make multilateral development banks to allocate a higher share of their clean investment funds to the different programs and projects of the Philippines towards low carbon future,” Reyes said.

According to Reyes, they would try to convince investors to come to the Philippines.“We will convince them to be part of our efforts toward low-carbon future.”

Reyes said, they expect to contribute and learn from the international dialogue on experiences and lessons learned in addressing climate change, specially in the identification and implementation of nationally appropriate programs and activities.”

“Successful or not, what should be clear is the need for each one of us to continue doing our respective shares in addressing climate change.”

Reyes said, adding he would push for the use of alternative fuels.

“The price of fossils fuels may have no other way to go but up. We might as well work towards transformational efforts making alternative fuels, technologies and resources more accessible and affordable if not cheaper,” he said.

On the benefits for the Philippines, Reyes said “learn from the success and experince of other countries on how they are addressing climate change and pursuing low-carbon future.”

In the Philippines’ participation in the conference, he said he is optimistic that multilateral development banks and investors to see our country as a preferred area for investment in low-carbon future and more specifically for renewable energy.