President Ferdinand “Bongbong” Marcos Jr. has zeroed in on his administration’s thrust to tap renewable energy options such as hydropower, geothermal power, solar and other low-emission energy sources in his remarks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Bangkok.
 
Marcos said this prioritization is being done by setting a target for a higher share of renewable energy in the power generation mix of 35% by 2030 and 50% by 2040 as he cited climate change as one of the challenges that need to be addressed.
 
The President pointed out that the Philippines is one of the countries at risk from the climate crisis, as it stands to lose more than 6% of gross domestic product (GDP) annually by 2100, based on a study by the Asian Development Bank (ADB).
 
Although global agreements seeking multilateral solutions to the climate crisis, particularly the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, are in force, “not enough” progress has been made as emissions continue to rise, Marcos noted.
 
“The Conference of the Parties to the UNFCCC (COP 27) is in full swing, but stronger climate action is required. As the energy demands of the modern global economy continue to expand rapidly, diversification into renewables and other sources is imperative.”
 
Marcons said APEC member economies should accelerate efforts to address structural and policy issues to counter the effects of the pandemic, conflict in other parts of the world, and climate change, as he stressed that food insecurity became a serious global issue.
 
The President noted that climate change, high inflation, and geopolitical crises are interconnected as part of a delicate global food ecosystem which affects nations globally.
 
“Food security should be a top priority for all governments, developing economies must especially have policy flexibility to ensure increased domestic food production and diversification and improve the local agricultural supply chain,” he said.