Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Full liberalization of RE market sought

by
June 27, 2022
in Investing News
0
Full liberalization of RE market sought
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter
Windmills are seen in Pililia, Teresa, Rizal province on April 25. — PHILIPPINE STAR/ MICHAEL VARCAS

THE INCOMING Marcos administration should consider the full liberalization of the renewable energy (RE) sector as part of the government’s efforts on climate change mitigation, Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Monday.

“We are trying to fully liberalize all renewable energies; tidal, solar, and wind. In fact, the Economic Development Cluster has a resolution pushing for that. That will, I think, create a better balance between the dirty sources of energy and the cleaner ones,” he said at a briefing on Monday.

Energy officials previously said new laws may be needed to relax the foreign ownership restrictions for wind and solar projects.

In 2020, the power generation mix in the Philippines was 57% from coal-fired facilities, 21% from renewable energy, 19% from natural gas, and 2% from oil.

Mr. Chua, who steps down from his post on June 30, also expressed support for the new law aimed at regulating and developing the country’s electric vehicle (EV) industry.

“(The) electric vehicle law which will help us shift to cleaner electric vehicles rather than gasoline or diesel ones,” the National Economic and Development Authority (NEDA) director-general said.

Mr. Chua also backed the imposition of a tax on single-use plastics.

The Department of Finance (DoF) had proposed a P20 excise tax per kilogram of single-use plastics under package 1 of the fiscal consolidation plan, which is aimed at generating fresh revenues amid the country’s record-high debt.

During the same briefing, NEDA Undersecretary of the Regional Development Group Mercedita A. Sombilla presented recommendations to accelerate climate action, such as ensuring new programs and policies “support climate-resilient and low-carbon development,” and boost awareness on climate change in local communities.

She also proposed scaling up mobilization of climate finance and strengthening institutional capacity to track these climate finance flows.

“The tight fiscal space does not preclude the government from implementing climate change adaptation and mitigation actions,” Ms. Sombilla said.

“While we’ve continued to make use of government’s limited resources to fund development projects including infrastructure, social protection, and agriculture, we can already make adjustments as early as the design phase to make the projects more climate and disaster resilient without incurring significant additional economic costs due to avoided losses and damage.”

Ms. Sombilla said the government can also maximize the benefits of these projects by reducing or eliminating any greenhouse gas emissions.

Under the Paris Agreement, the Philippines committed to reduce greenhouse gas emissions by 75% by 2030.

The Philippines is ranked fourth most affected by impacts of climate-related extreme weather events, according to the 2021 Climate Risk Index.

“There are many things that do not require money, but a change of behavior and a better understanding of the consequences of inaction,” Mr. Chua said.

Climate change and smart infrastructure are expected to be part of the next Philippine Development Plan, which will be crafted under the next Socioeconomic Planning Secretary Arsenio M. Balisacan.

“Secretary Balisacan really recognized this because he has been alluding to including climate change as a particular challenge in all the development activities that we will be doing,” Ms. Sombilla said.

NEDA’s climate change priorities also include helping local government units develop climate-risk informed local land use and development plans, and pushing for the passage of the National Land Use Act. — Diego Gabriel C. Robles

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Three Quarters of UK Businesses say that clunky corporate events need to be better managed by AI-powered technology

Three Quarters of UK Businesses say that clunky corporate events need to be better managed by AI-powered technology

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Japan eyes better Philippine Coast Guard equipment

Japan eyes better Philippine Coast Guard equipment

July 12, 2022
Looking for a GCSE or Sixth Form place in Oxford?

Looking for a GCSE or Sixth Form place in Oxford?

August 7, 2022
Study finds that gargling solution eases sore throat in COVID-19 patients

Study finds that gargling solution eases sore throat in COVID-19 patients

August 16, 2022
Should You Invest in MDM (Master Data Management)?

Should You Invest in MDM (Master Data Management)?

July 13, 2022
FAMAS-winning Katips: The Movie premieres this week

FAMAS-winning Katips: The Movie premieres this week

August 1, 2022
Converge doubles base speed to 100Mbps to address rise in internet consumption

Converge doubles base speed to 100Mbps to address rise in internet consumption

June 1, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.