THE British Chamber of Commerce Philippines (BCCP), Shell Energy Philippines Inc. (SEPH), Colliers Philippines and BusinessMirror as a media partner jointly held the recently concluded ‘Powering Progress: A Look into the Philippine Clean Energy Transition’ event.
The discussion focused on national programs, initiatives, incentives and investment opportunities in the country’s ecozones, as it highlighted efforts between the public and private sector in the adoption of cleaner and sustainable technologies.
Philippine Economic Zone Authority (PEZA) Deputy Director General for Finance and Administration Maria Veronica Magsino reported that the agency has integrated the
Environmental, Social, and Governmental (ESG) principles in the ecozone.
Magsino shared that PEZA-approved solar manufacturing and solar power projects have reached 12 registered enterprises with an investment value of P70.548 billion and export value of $56.517 billion. It also reported that Registered Business Enterprises or RBEs using renewable energy (RE) reached 112 from both public and private ecozones, and a combined total kilowatt-peak of 223,584.83.
Meanwhile, SEPH President and CEO Bernd Krukenberg recognized the role of the private sector with the Philippines’ target of reaching 35 percent RE by 2030, and 50 percent by 2040 that is primarily driven by further liberalizing ownership in the renewable energy sector.
He also cited that financing mechanisms remain present in the country, allowing more opportunities for key players in the industry.
In his presentation, Krukenberg noted that, ‘we can help businesses thrive in a changing market. Whether you’re looking at your sustainability goals, planning the long term power needs for your business, or investing in energy productivity, Shell Energy is ready to be your strategic partner.’
He also reported that 20 percent of the UK’s gas supply is delivered through Shell’s owned and operated pipelines, noting further that the petroleum giant has acquired Nature Energy-Europe’s largest producer of renewable natural gas or RNG.
Additionally, for over a decade, Shell Energy has consistently ranked among the Top three natural gas marketers in North America, selling 10.5 billion cubic feet of natural gas per day.
BCCP Executive Vice Chair Chris Nelson noted that ‘Energy is crucial for industrial growth. If the Philippines is to develop its clean energy sector, it must ensure energy security, and renewables can be a significant driver of this transformation.’
Nelson furthered that ‘it is also important to have key partners such as Shell Energy Philippines whose long-term investment proves that the country remains a significant destination for businesses in the region.’