The Philippine Movement for Climate Justice (PMCJ) expressed concern over the endorsement of a coal power plant in Toledo City by the Department of Energy (DOE).
PMCJ said the country’s energy future is now at risk, jeopardizing billions of dollars in renewable energy (RE) investments and threatening Filipino consumers with higher electricity prices tied to outdated and harmful fossil fuel sources.
A report by the Institute for Energy Economics and Financial Analysis warned that the country stands to lose an estimated $30 billion in renewable energy investments due to the coal policy.
“It will just be a matter of time before other coal players in the country will follow suit. The following weeks will be a balancing act for DOE, on how to deal with other energy players who definitely will demand a leveling of the playing field,” said Ian Rivera, national coordinator of PMCJ.
The group said despite the existing coal moratorium, several companies continue pushing for new coal projects.
It said that globally, alongside Vietnam and China, Philippine coal imports grew 7.6 percent percent, with market forecasts indicating continued growth.
“Disturbingly, the Philippines’ dependence on coal has been growing, exceeding Poland and China in terms of percent of the energy mix. The data also shows that the Philippines is the most reliant on coal in Southeast Asia,” it said.
“These moves are reckless and dangerous, tethering the country’s energy mix to a toxic polluting that harms public health, the environment and the climate,” said Rivera.
“Pollution from coal-fired power produces noxious amounts of nitrogen oxides, sulfur oxides, particulate matter [particularly its deadly form as PM2.5] and even radiation. This pollution contributes to acid rain, premature death, and greenhouse gas emissions. Greenhouse gas emissions from coal-fired energy plants puts the Philippines at risk for extreme weather events caused by global warming, like mega typhoons and droughts,” Rivera said.
PMCJ said that from an economic perspective, the argument against coal was becoming more pronounced. By 2025, banks, investors and financial institutions are expected to increasingly favor RE over coal, supporting a more diversified energy mix.
Be the first to comment