Like the rest of the global economy, the energy sector has been tested through the COVID-19 pandemic, with its unprecedented slowdown defying classical growth thinking, it had to recalibrate to be more effective and welcoming investors. and increasingly frugal consumers. It is also true in the Philippines, that is, the first 3 months of closure, when the demand for electric power fell by 17% compared to pre-ECQ levels During this period, the generation of electric power from biomass increased, while that the production of geothermal energy, solar and wind hydroelectric energy decreased slightly (2-4% more), in particular, the percentage of coal fell by almost 19% (Wholesale Electricity Spot Market, 2020).
These adjustments to the source and additional use illustrate the need for science and deep opportunity through technological advances and the conversion of customer selection to reconsider energy production.
In the Philippines, coal remains a vital source of energy production: 41% of the total compared to 30% of renewable energy (DOE, 2019). While coal has been the traditional source of ‘base charge’ (which provides a stable source of electricity per day), it is increasingly transparent that direct renewable energy is a better energy option. electricity around the world.
First, the burden of renewable force has fallen off a cliff. Since 2010, the charge of the sun’s strength has fallen by 85% and the wind force by 49%. In fact, the structure of solar installations is now less expensive than the structure. of new coal-fired power plants in two-thirds of the world’s countries and in all ASEAN countries. Solar energy is also faster than coal to be operational.
Second, the threat of making an investment in endangered fossil fuel technology. The Carbon Tracker study suggests that by 2030, it will be less expensive to build new renewable strength resources than to continue with existing coal in Southeast Asia. of the region’s coal imports, Bloomberg’s model suggests that this turning point will arrive in 2024. When this happens, the assets of coal-fired power plants will be “blocked” and their ongoing operation will only be a waste of resources. through the Institute for Energy Economics and Financial Analysis (IEEFA) predicted $9. 5 billion in new assets that would fail if coal investments continued, so if you’re an investor looking at coal, I invite you to think again.
Third, given that the Philippines has an industry deficit (USD 37 billion in 2019, of which 7% comes from imported coal), the transfer to blank energy is smart for energy security and ensures that companies and consumers are not held hostage by the volatile global cost of fossil fuel supplies.
Fourth, renewable energy has the potential to create jobs in long-term industries (50% more jobs than coal), attract foreign investment and public health.
Smart news? With the vast renewable sources of the Philippines, investors have the opportunity to drive the transition to blank energy through investment in solar, offshore/sea wind and storage, especially for demand for electricity to grow as electricity grows. as the country’s economy begins to restart after the COVID-19 pandemic. Renewable energy technologies, with their many advantages, have wonderful prospects of success in mandatory capacity of 43,765 MW through 2040.
As the first primary economy to legislate for net 0 (until 2050), the UK has seized the opportunity. We are committed to ending coal-based energy use until 2024. In 2012, our electricity from coal was also 40%. By 2019, it had fallen to 2. 2%. Between April and June 2020, the UK spent 67 days without coal power.
We can say that the energy transition is achievable and that it can contribute to a competitive electricity sector that can enable socio-economic progression with the collateral benefits of an advanced environment. During this process, UK power generation moved to renewable energy – wind (offshore and on land) and biofuels – as well as gas. Today, our blank energy industry supports more than 400,000 jobs and grows faster than our GDP.
On 12 December, we celebrated the fifth anniversary of the Paris Agreement and also triggered the countdown to the forthcoming United Nations Global Climate Change Review organized through the city of Glasgow in November 2021. opportunities for the transition of power, the green exit of the pandemic and net zero. It is a race that none of us can win alone, nor a race that we can lose as a global community. That is why, on behalf of the British Government, I reaffirm our commitment to paintings in partnership with all stakeholders in the Philippines, relentlessly in our aid for a clean, resilient, sustainable and better future.