Energy efficiency should be PH’s priority resource in net-zero energy future – PE2
MAKATI CITY, 8 February 2023 – Philippine Energy Efficiency Alliance (PE2) president Alexander Ablaza told power sector stakeholders earlier today that energy efficiency should be dispatched as the country’s primary clean energy resource as it aspires to move closer to a net-zero future. The PE2 statement was made during the first day of Powertrends 2023 International Business Forum, which was held at the New World Hotel in this city. This year’s event carried the theme “Technology, Innovation and the Climate: Building Synergies Together for Energy Transition.”
Ablaza said, “Energy efficiency needs a major paradigm shift. Apart from the imperative to grow renewables, the country should position energy efficiency as an independent clean energy strategy, a separate type of infrastructure development, and a distinct energy investment asset class.” He explained that, in IEA’s Net Zero Emissions by 2050 (NZE) Scenario, global energy demand in 2050 is projected to be around 8% lower than today but will need to serve an economy more than twice as big and a population with 2 billion more people.
The PE2 head explained that if the country succeeds in mobilizing PHP 12 trillion in energy efficiency investments to shave off 182 million tons of oil equivalent in final energy demand by 2040, an estimated 45,900 MW in energy infrastructure capital requirements for energy production, transmission and distribution can be deferred. “For this obvious reason, the country urgently needs to deploy energy efficiency to purposely harvest energy losses as a significant, indigenous resource in our energy mix,” Ablaza stressed.
Ablaza highlighted the economic impact of creating over 9 million energy efficiency jobs through 2040, if the economy succeeds in mobilizing sufficient capital flows from the private, public and development sectors to achieve the aggregate 182 Mtoe in end-use savings through the next two decades.
PE2 was represented in the conference by Ablaza, vice presidents Ruth Yu-Owen and Theresa Acedillo-Lapuz and secretariat manager Hazel Planco.
The two-day Powertrends 2023 marked its 25th anniversary during the event, which gathered key stakeholders and international experts in the supply- and demand-sides of the electric power industry in the Philippines.
PE2 is an event partner of Powertrends 2023.
