SINGAPORE – The Philippines is on track with its renewable energy (RE) development initiatives, an Asian Development Bank official said.
“I think the Philippines has done a good job in terms of getting ready to really mobilize the financing needed for clean energy,” ADB deputy director general for regional and sustainable development Woo Chong Um told reporters.
He said efforts on RE development being pushed by the government and the private sector would help ensure sustainable energy supply for the country.
“In a place like the Philippines, we have to worry about energy security at the same time. I went to Manila in 1993 and there are three-hour blackouts and that’s detrimental to the economy. And when the people started putting up their private gensets which is, in a way, expensive and you know, you dont want that. You would want to spend in a lot of energy investment, both clean energy and fossil fuel,” Um said.
He is also optimistic that the present administration would be able to sustain the momentum in the development and promotion of RE.
“The Philippines is one of countries the leading governments in the region to use this global initiative. For example, the climate investment funds which the government is working with other partners,” he pointed out.
The “Philippines is one of countries selected because of its government’s willingness to really take on the initiative to develop the renewable energy program.”
Investments in the clean energy sector in Asia are predicted to double this year, reaching $70 billion with China, India and other Southeast Asian nations taking the lead in the sustainable energy market.
Koelnmesse managing director, Michael Dreyer in his speech during the opening ceremony of the Clean Energy Expo 2010 here, noted that new financial investments in clean energy totaled $65 billion in the first half of 2010, 22 percent higher than in the same six months of 2009. Koelnmesse is one of the world’s largest trade fair companies.
The premier trade fair and conference in Asia bringing together leading players in the technology, services, finance and government sectors, Clean Energy Expo Asia is jointly organized by the Sustainable Energy Association of Singapore (SEAS) and Koelnmesse, and is part of the Singapore International Energy Week (SIEW).
“With the clean energy sector still in its infancy, and governments and private organizations urgently looking for assurance as they recognize the growth and potential of the industry, Clean Energy Expo Asia continues to play an important role in providing an avenue for regional knowledge exchange that will fuel clean energy development in Asia,” Dreyer said.