RP on right track in promoting renewable energy

MANILA, Philippines – Experts in the promotion of renewable energy in Asia said the Philippines is on the right track as they cited the government’s efforts in formulating laws that focus on the use of renewable sources of energy.

Edwin Khew, chairman of the Sustainable Energy Association of Singapore (SEAS), observed that the Philippine government is trying to keep up with new technologies that pay attention to urgent environmental issues.

“The Philippines is doing good. Concerned officials are coming out with laws that also give good incentives for companies complying with environmental laws. They are doing the right thing,” Khew said in a news conference recently held at the Mariott Hotel in Singapore.

He noted that 50 percent of carbon emission in the world comes from the Asia-Pacific Region, and that much can be done by countries such as Singapore, the Philippines and others to address the problems affecting the environment.

“Singapore is a just small market that provides technology and solutions to these problems. It helps build and develop the carbon market as it targets to become a carbon center hub,” Khew said, adding that countries such as the Philippines can replicate such status as long as there is available funding and there are people willing to invest in Clean Development Mechanism (CDM) projects in their respective countries.

As of July 2010, the United Nations Framework on Climate Change Convention (UNFCCC) has registered over 2,300 CDM projects globally, an increase of more than 35 percent over a year ago.

More than three-quarters of these projects are registered in Asia and the Pacific, spelling once again the abundant opportunities in the region’s carbon trading markets.

While China and India account for more than 60 percent of the 1,780 registered CDM projects in Asia to date, emerging economies like Indonesia, Malaysia, Thailand and the Philippines are also notable contributors to the world’s CDM market.

A study conducted by SEAS showed that the Philippines aims to increase the number of its clean energy projects by 10 percent by 2014.

SEAS represents the interests and provides a common platform for companies in renewable energy, energy efficiency, carbon trading, CDM projects and financial institutions to meet, discuss, collaborate and undertake viable projects together.

Julie Anne McLaughlin, regional director of South East Asia E.ON Climate and Renewables Carbon Sourcing, assessed that there is willingness from Asian countries to really get involved in this carbon market trading scheme.

“Everyone is very positive and what is needed right now is for these countries to drum up an atmosphere that will attract investment for these projects,” she said.

McLaughlin likewise pointed out that carbon emissions and climate change are issues that we have to face and deal with.

“Asia has largely leap-frogged into clean tech and renewables, continuing to build capacity and expertise as well as attract investors. Renewables are the fastest growing energy source and comprise fully one-quarter of global power capacity,” she said.        

McLaughlin added that “a long-term commitment to renewable incentive schemes is fundamental to attracting the necessary investment at the country level.”

E.ON is said to be the world’s largest investor-owned power and gas company, and maintains a headquarters in Dusseldorf, Germany.

It is in this light that a conference program and a comprehensive trade fair will be staged so that developments in the emission trading, climate and carbon financing, forestry and renewable energy, can be discussed.

Carbon Forum Asia, set to be held on Oct. 27 and 28 at the Raffles City Convention in Singapore, is the leading annual Trade Fair and Conference that brings together carbon market players, regulators, policy makers, technology owners as well as industry observers in the biggest platform covering the whole climate change and carbon finance value chain.

The international event showcases carbon abatement solutions and technologies from around the world and provides an overview of the carbon finance landscape in key markets in Asia, with special emphasis on Asia’s CDM project financing.