Addressing the global issues of sustainability involves the further adoption of renewable energy (RE). The shift to RE, which has gradually emerged in many countries including the Philippines, will help achieve mainly United Nations’ Sustainable Development Goals of affordable and clean energy and of climate action. Now, as the current pandemic accelerates several transitions, the call for a transition to renewables is likewise ringing louder.
Last Nov. 11, the panel in the final leg of BusinessWorld Insights Sustainability Series agreed that adopting RE is more crucial and necessary for the country as it moves forward from the present crisis. Each shared their perspectives on what are the next steps the government, the sectors, and other stakeholders should take for a successful shift to RE.
The EDC executive also observed that the transition is driven by the vital shift in the governance and preference of large companies, as seen in reinsurance company Munich Re stopping insurance for coal plants and global technology powerhouse Siemens no longer participating in bids for coal-fired plants.
The same is also seen among banks, with the Institute for Energy Economics and Financial Analysis finding last year that 100 financial institutions — including 40 of the top global banks and 20 significant insurers — have divested from thermal coal.