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Banks urged: Shift backing for RE
Philippine banks must quickly shift project funding for fossil fuels to renewable energy as demand for the latter is seen to skyrocket due to shrinking supplies and rising prices for climate change-inducing fossil fuels, said a report released Tuesday by the Center for Energy, Ecology and Development Philippines. Citing data from the United Nations Intergovernmental Panel on Climate Change, a CEED report says unit costs for renewables have been decreasing at substantial rates globally: 85 percent both for solar energy and lithium-ion batteries and 55 percent for wind energy. Meanwhile, fossil fuel prices for coal and natural gas could further increase due to ongoing armed conflict between oil-rich countries Russia and Ukraine. Meralco, the country’s largest electricity provider, has increased rates to over P10 per kilowatt hour, while 11 new import terminals for liquified natural gas are under negotiations, according to the Department of Energy. Despite these, CEED researchers found 15 Philippine banks have heavily invested in fossil fuel projects through bonds, loans and stocks. Researchers say these will further heat up the planet and harm aquatic resources as the Verde Island Passage is eyed as an alternative to Malampaya. Dirtiest banks Banks were analyzed through CEED’s Fossil Fuel Divestment Scorecard which looked at their green policies and projects to mitigate the impacts of climate change such as drought, floods, and wildfires. New data covered April 2022 to March 2023. The scorecard shows Philippine banks invested $867.08 million within that period, mostly through bonds. Meanwhile, investments for new fossil gas projects reached $930 million. Among them involved the project of SMC Global Power of San Miguel Corporation in Bataan and Batangas which required principal funding of P30 billion and bond oversubscription option up to P10 billion in July last year. Eight out of the 15 banks studied supported this project. However, CEED shared that the SMC energy firm lost P15 billion last year due to higher fossil fuel prices. CEED added that the firm scrapped its application for the three proposed fossil gas projects in Visayas last year. Among the 15 banks, Bank of the Philippines Islands (BPI) was deemed the dirtiest bank, followed by BDO Unibank Inc. CEED researchers say BPI topped the list for the fourth time, with an unclear commitment to reduce coal projects, notably the Atimonan One Energy (A1E) Coal Plant. “In fact, in a letter addressed to CEED dated 1 July 2021, the DOE said that Meralco PowerGen Corporation, which wholly owns A1E, is still in communication with lenders to extend the loan facility given the challenges encountered in securing power supply agreements.” In general, BPI had vowed to reduce outstanding loans to coal projects by 50 percent by 2026 and zero percent by 2032. Meanwhile, BDO had announced to reduce coal exposure also by 50 percent by 2033. CEED, however, criticized the banks for not having detailed plans to achieve their goals. “BPI’s overall score is also slightly higher due to improved sustainability policies. Nonetheless, BPI’s high overall fossil fuel exposure and insufficient policies keep it at the top,” CEED researchers said. For BDO, “Its coal exposure remains significant and its place as the top financier of the fossil gas expansion also garners it a high score. Its rank is lowered, however, by its Sustainability Policies Criteria score,” it said. Model banks Government-owned Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) are the cleanest banks. CEED said that LandBank approved loans amounting to P20.1 billion for renewables. It added that the bank agreed in January to help build Aboitiz renewable energy plants worth P20 billion. Meanwhile, DBP approved a total loan of P600 million for a hydropower plant in Nueva Ecija and other 27 renewable energy projects last year. The post Banks urged: Shift backing for RE appeared first on Daily Tribune......»»
Simbahan sinaway mga namumuhunan: Coal pekeng solusyon sa murang kuryente
Muling kinalampag ng mga lider ng Simbahang Katolika at grupo ng mga kabataaan sa Atimonan, Quezon ang gobyerno para sa paggamit ng malinis na enerhiya kapalit sa mapanirang operasyon ng mga coal-fired power plant sa lalawigan. The post Simbahan sinaway mga namumuhunan: Coal pekeng solusyon sa murang kuryente first appeared on Abante......»»
Fisherfolk raise alarm over demolition of Navotas City fishing structures
“Affected fisherfolk and other residents ‘highly believe’ that the dismantling order is part of the 650-hectare reclamation project in the area.” The post Fisherfolk raise alarm over demolition of Navotas City fishing structures appeared first on Bulatlat......»»
Filinvest Invests P16B in Ciudad BTO Project
The development of Ciudad will finally be realized after the Province of Cebu turned over Friday a parcel of the property to homegrown developer Filinvest Land, Inc. (FLI) through a build-transfer-operate (BTO) engagement. Cebu Gov. Gwendolyn Garcia and Tristan Las Marias, FLI president and CEO, formally kicked off the project in simple ceremonies onsite on […].....»»
Alternergy reallocates IPO proceeds to Tanay and Alabat projects
Alternergy, the renewable energy generation company founded by Vince Pérez (former DoE Secretary), announced that its board of directors reallocated P65 million of the IPO proceeds that were originally scheduled for the Solana Solar Project, Ibulao Mini Hydro Project, Cavite Offshore Wind Project, Tablas Strait Offshore Wind Project, and the operationalization of Green Energy Supply Solutions Inc......»»
Davao Metro Shuttle declines offer to manage bus system
DAVAO CITY (MindaNews / 24 March) — The Davao Metro Shuttle Corporation has declined the offer of the City Government of Davao to operate the Davao City Public Transport Modernization Project (DCPTMP), a public mass transportation project that will replace the jeepneys with buses, an executive of the bus company said. In an interview at […].....»»
NEWS BRIEFS | 26 March 2024
P101-M sea wall to rise in Surigao Sur town A P101.3 million sea wall will be constructed in Marihatag, Surigao del Sur to protect lives and properties from storm surges there. Rep. Romeo Momo (1st District, Surigao del Sur) led the ground breaking of the Marihatag Seawall Project last Sunday, March 24. “The project is a […].....»»
Unique love storyline brings ‘Asawa ng Asawa Ko’ close to viewers
‘There was a farfetched but intriguing circumstance that would give the story a richer context, namely, the kidnapping and the four-year experience that would transform the protagonist from a protected, middle-class bride to a toughened survivor when she returns. That was the thing that was different in this project,’ says director Laurice Guillen of the ‘Asawa ng Asawa Ko’ storyline......»»
DLSU students win P1-million grant for cafeteria food waste to biogas project
Every year, De La Salle University’s cafeterias produce over 28,000 kilograms of kitchen waste, and are responsible for 480,000 kilograms of greenhouse gas emissions.....»»
SMC starts works on Pangasinan tollway
Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has started the civil works for the Pangasinan Link Expressway (PLEX), laying the bedrock for a P34-billion project that would improve travel and tourism in Northern Luzon......»»
Balamban site is for road project, not Capitol bldg – Gwen
CEBU CITY, Philippines – The cleared site in Barangay Cambuhawe, Balamban, in western Cebu, is not for the new Capitol building, but for nationally funded road projects. Cebu Provincial Governor Gwen Garcia made this clarification after photos of a deforested mountain in Balamban, initially thought to be the site development of the new Capitol building,.....»»
Some developers cut through Chocolate Hills – DENR
Some project developers cut through the Chocolate Hills in Bohol during the construction of their structures, Environment Secretary Maria Antonia Yulo-Loyzaga said, reiterating that this is prohibited under the National Integrated Protected Areas System (NIPAS) law......»»
Extraordinary Attorney Woo actor Kang Tae Oh to star in romcom after completing military service
Korean actor Kang Tae-oh is set to star in a romantic-comedy drama set in a rural potato research institute as his first major project after completing his mandatory military service. .....»»
Semirara income drops 30% to P27.9 billion
Lower prices of coal and power rates dragged the net income of Semirara Mining and Power Corp. by 30 percent to P27.9 billion in 2023 from P39.9 billion in 2022......»»
Bangsamoro dangles coal, oil investments
The Department of Energy is bidding out four pre-determined areas or coal and petroleum exploration in the Bangsamoro Autonomous Region in Muslim Mindanao (B.....»»
NEWS BRIEFS | 27 February 2024
Energy exploration in BARMM opened for bidding The Department of Energy has opened four areas in the Bangsamoro Autonomous Region in Muslim Mindanao for exploration, development, and production of indigenous energy sources. Energy Undersecretary Alessandro Sales said coal exploration marked as “PDA-BC-1” covering 14,856 hectares in Kapai and Tagoloan towns in Lanao del Sur is […].....»»
Envi group raises concern over Aboitiz coal expansion in Cebu
Envi group raises concern over Aboitiz coal expansion in Cebu.....»»
Biz Leaders Welcome Coal-Fired Power Plant Expansion in Toledo City to Prevent Outages
Business stakeholders in Cebu welcomed the expansion project of a coal-fired power plant in Toledo City as a way to prevent outages that happened in Aklan early this year. They said that concerns about the environment will be “outweighed” by the economic benefits that will come with more power supply considering the dwindling reserves in […].....»»
Early retirement of coal plants to significantly cut CO2 emissions
The early retirement of coal supply agreements in the Philippines is expected to significantly reduce carbon dioxide emissions, aligning the country with the objectives of the Paris Agreement......»»
SMPC coal sales hit record high in 2023
Coal sales volume of integrated energy company Semirara Mining and Power Corp. hit a record high last year on the back of strong export sales, driven primarily by a recovery in China shipments......»»