President Ferdinand R. Marcos Jr. on Thursday said the Philippines has prioritized renewable energy options such as hydropower, geothermal power, solar and other low-emission energy sources.
In his opening remarks during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Bangkok, President 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 percent by 2030 and 50 percent by 2040.
The President said one of the key challenges that needs to be addressed is climate change, which he said, is “the most pressing existential challenge of our time” that indelibly impacts the global economy.
The President said the Philippines is one of the countries at great risk from the climate crisis, as it stands to lose more than 6 percent 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,” the chief executive said.
In his message, the President 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.
Marcos said food insecurity has become a serious global issue and a problem that every household and family feels.
Climate change, high inflation, and geopolitical crises are interconnected as part of a delicate global food ecosystem, which affects nations globally, the President argued.
“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,” the Philippine leader told summit participants.
The APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
APEC’s 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative, and secure growth and by accelerating regional economic integration.