Private sector-led Global Energy Alliance for People and Planet or GEAPP is looking at investment opportunities in renewable energy projects in the Philippines, the Department of Finance (DoF) said.
With an initial commitment of $10 billion, the GEAPP will help accelerate the implementation of clean energy projects in developing economies that are highly vulnerable to climate change.
GEAPP is exploring a possible with the Philippines to aid in transitioning to green and renewable energy sources.
Finance Secretary Carlos Dominguez III discussed with Dr. Rajiv Shah, president of the Rockefeller Foundation, about the list of projects the GEAPP can help fund, including the decommissioning and repurposing of coal-fired power plants in Mindanao.
During the meeting, the Finance chief also noted that they would come up with a list of “actionable” green energy initiatives, which can be considered for funding by the organization.
In a relative development, the Department of Energy welcomed the United States’ announcement of its renewable energy (RE) plans and its sustainability approach — which aims for a 100 percent RE for the private sector.
Energy Undersecretary Felix William Fuentebella suggested to the US that its corporations must first consider practicing energy efficiency and conservation before going fully renewable.
“In our experience, the enactment of the Philippine Energy Efficiency and Conservation Law in 2019, which, before its enactment, had been pending in Congress for about 29 years, was a gamechanger. It enables us to influence the behavior of our consumers by positively shaping their energy consumption habits and empowering them to make wiser energy decisions,” Fuentebella said.
“Our advocacy for climate justice is not only a demand for compensation, but also for the provision of opportunities to implement activities that would help us reach our immediate energy transition goals,” he added.