MANILA, Philippines — Canada’s support for the Philippines’ energy transition and decarbonization efforts continues to gain momentum.
Canadian officials made the statement during a recent visit by the Canada trade mission to the Philippines, with over 300 Canadians from more than 190 business organizations.
Canada’s Indo-Pacific Trade representative Paul Thoppil reiterated Canada’s support to the Philippines’ energy transition, noting the growing alignment of Canada’s development assistance on climate action.
“We have created, with the Asian Development Bank (ADB), the Canadian Climate and Nature Fund for Private Sector in Asia. And for the first time ever, Canada’s Development Finance Institution, has been given geographic expansion into the (Indo-Pacific) region,” Thoppil said.
Canada is also the second largest donor to the Climate Investment Funds – Accelerating Coal Transition Initiative, which is providing up to $500 million in development assistance to the Philippines in support of the country’s energy transition.
Thoppil emphasized the importance of the partnership between Canada and the Philippines in energy transition, including in the commercial sector.
“For a commercial relationship to thrive, it needs to be sustainable between two countries. And therefore, for Canada, we believe in capital flow and technology transfer flow between the Philippines and Canada. We acknowledge the capital and the technology that exists in your country that we can benefit from as well,” Thoppil said.
Canada is an energy powerhouse, be it in hydro, LNG, nuclear, biomass and more.
Energy Undersecretary Rowena Guevara said Canada’s development assistance and commercial initiatives could provide critical support for the Philippines’ energy transition, which includes nuclear power.
“Canada and the Philippines share a commitment to sustainability and innovation. Canada’s expertise in renewable energy and nuclear power and grid modernization presents immense opportunities for knowledge sharing and economic transfer,” Guevara said.
“Joint ventures in energy technologies like hydrogen production can also strengthen both nations’ decarbonization efforts,” she said.
Meanwhile, infrastructure advocate and Stratbase Group coo RP Manhit noted the important role of the private sector, both foreign and local investors, in energy transition.
“Canada has been a trusted and reliable partner of the Philippines on energy transition, and the presence of Canada’s largest-ever trade mission to the Philippines reflects a growing recognition of the country’s immense potential as an investment destination,” he said.
“With the Philippines’ power generation sector being almost entirely privately owned, there is a unique opportunity for private entities to lead in driving this transformation. This leadership will not only advance our clean energy ambitions but also bolster energy security and economic growth,” Manhit said.