Philippines Renewable Energy transition is a must for it to survive climate change threats and high cost of fossil fuels.
Until the COVID-19 pandemic hit the Philippines, the economy was booming. The nation had a special yearly GDP growth rate of 6.4% and was among a select group of countries with continuous economic growth for over 20 years.
Today, things seem to be much different for the Philippines Renewable Energy sector. The Philippine economy grew at its slowest pace in 29 years last 2020. Around 4.2 million Filipinos are jobless, nearly 8 million have taken wage cutbacks, and 1.1 million students have dropped out of elementary and secondary school due to the transition to online education.
To add insult to injury, the variable dependability of fossil fuel facilities has resulted in forced power outages and unscheduled maintenance. Seventeen power generation companies were down and exceeded their plant outage permits between January and June of 2021 as a consequence of so-called manual load lowering to maintain system stability.
Rolling blackouts, which have previously occurred only during the warmest months of March and April, when hydropower plants perform poorly owing to water shortages, have extended far into July, interrupting millions of people from working and attending school. Instability in the power supply may impact COVID-19 vaccination rates since vaccines need consistent electricity to maintain proper temperature regulation.
There is a way for the Philippines’ economic and energy challenges to be resolved: more investment for Philippines Renewable Energy and renewable energy production. The nation may finally be reaching a tipping point in modernizing its aging energy grid.
However, as with many developing nations, particularly those in Asia, the Philippines must quickly react to and recover from the economic and human destruction caused by the COVID-19 outbreak. Investing in climate-resilient, commercially viable renewable energy puts the nation on the right track. Instead of banking on unreliable, polluting fossil fuels indefinitely, the Philippines has a chance to leverage private sector and public support, set a regional precedent, and build a bold route to achieving a sustainable energy future.
The issue now is whether its national government will take advantage of the chance.
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