A just energy transition powering a more energy independent Philippines

IN BRIEF: Philippine organizations are con- tinuously advancing towards transi- tioning to more renewable energy sources while also considering fairness to its end-users. Businesses have implemented vari- ous strategies and innovations in transi- tioning to more just energy operations.

- BENJAMIN N. VILLACORTE and BONAR A. LAURETO

Amid the increasing demand for energy accompanying a developing economy, both the public and private sectors in the Philippines continue to advance the transition toward a sustainable, energy-independent economy, adhering to the principles of a 'Just' Energy Transition (JET).

JET entails promoting social wellbeing, including the protection of vulnerable groups, while achieving cleaner and more efficient models to safeguard environmental integrity and create opportunities for new economic growth.

Bringing together industry leaders, policymakers, and sustainability experts, the SGV Knowledge Institute, together with SGV Sustainability, hosted a conference, "Building a Sustainable Future Through Just Energy Transition." The event covered innovative strategies, best practices, and collaborative frameworks in both the supply and demand side of the power sector. The sector seeks to achieve its ambition to aid economic stability by reducing dependence on global market volatilities tied to imported fuel.

Achieving a just transition requires prioritizing energy independence. Driving investment to utilize indigenous and renewable energy sources is essential for reducing the Philippines' reliance on volatile fossil fuel imports. The economic implications of relying on external sources for traditional energy components were also highlighted. In July, fuel imports amounted to $1.40 billion or over 12% of total imports, equivalent to more than one-third of the trade deficit.