The private sector is pushing for energy efficiency initiatives and development of the renewable energy (RE) projects to meet the country’s growing power demand.

Officials in a briefing yesterday acknowledged that the government is exploring options to bring in additional power supply to the country, but also called on the consumers to participate in conserving electricity.

“By implementing energy efficiency and pushing RE development, we will avoid cost to the government in terms of importation of coal and fuel,” Martial G. Beck, vice-president of the European Chamber of Commerce and Industry (ECCP), said.

The ECCP will be leading the Energy Smart Philippines 2014 -- a conference that will run from Sept. 30 to Oct. 1 -- to showcase the country’s capabilities in terms of energy efficient investments and RE projects.

“The Philippines is on the right path in promoting RE but we can do a lot more,” Mr. Beck noted.

He said that the country already has operational RE projects that prove that these kinds of developments are sustainable.

Financing institutions also expressed interest in supporting energy efficiency initiatives and RE development in the Philippines.

Jesse O. Ang, the World Bank Group’s International Finance Corp.’s (IFC) Philippine representative, said IFC is pushing for projects that cover climate change mitigation and adaptation, such as green buildings.

“We are working with both local and national governments to come up with green building codes,” Mr. Ang said.

He added that IFC already disbursed loan facilities totaling $463.5 million for energy efficiency, leading to the reduction of as much as one million tons of carbon dioxide.

Mr. Ang noted that even local financiers -- like BDO Unibank, Inc. and the Bank of the Philippine Islands -- are ready to support the advocacy on clean energy.

BDO Senior Vice-President Edward G. Wenceslao said yesterday his firm is willing to finance sustainable energy projects.

Source: Business World, 18 September 2014