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Government cuts borrowings to P203 billion in January
The Marcos administration slashed its borrowings by 45 percent to P203 billion at the onset of the new year in the absence of new global bond offerings.......»»
Shell Pilipinas profit tumbles to P1.2 billion in 2023
The earnings of Shell Pilipinas Corp. plunged by 70.7 percent to P1.2 billion in 2023 from P4.1 billion in 2022 on the back of declining global fuel prices and elevated interest rates......»»
Top 10 e-commerce sites in the Philippines 2019 - ASEAN UP
With a dynamic economy and a large population proficient with digital technologies, the Philippines is a fast-growing market for e-commerce in Southeast Asia. Several websites and digital applications are already fighting for market share, with global, regional and national players. The growing connectivity of the Philippines, rapidly overcoming the countrys infrastructure difficulties, enable more and Continue reading &q.....»»
Meralco eyes cutting 2030 direct emissions by over 20%
The Manila Electric Company, the country’s largest distribution utility, has unveiled its plans to slash its 2030 direct emissions by over 20 percent in line with the company’s goal to become coal-free before 2050. This target covers the company’s projected 2030 baseline Scope 1 emissions, which refer to greenhouse gas emissions directly generated by the company from thermal power generation and from the use of fuel for vehicles and other equipment. Meralco’s just, orderly, and affordable transition to clean energy is the central thrust of its long-term sustainability strategy, which begins with the company’s investment in renewable energy to serve the country’s growing energy demand with greener power. This includes the distribution utility’s program to source an increasing portion of its supply portfolio from RE. Initial target exceeded Meralco has so far contracted 1,880 megawatts of RE capacity from various suppliers, already exceeding its initial target of 1,500 MW. Through Meralco’s strategic sourcing initiatives, RE is expected to account for 22 percent of the distribution utility’s supply portfolio by 2030, and 18 percent of that of Meralco’s retail electricity supplier, MPower, by 2025. “We recognize our impact on the planet, and we will do more as part of our earnest commitment to sustainability. As we chart the path towards a brighter and greener energy future, Meralco will continue to evolve and elevate its sustainability agenda to continue powering the good life for all,” Meralco first vice president and chief sustainability officer Raymond B. Ravelo said. To further strengthen its decarbonization efforts, Meralco, through its power generation arm, Meralco PowerGen Corporation, is accelerating its RE buildout to develop greener generating capacities to power the country with sustainable energy. Committed to invest P18-B Earlier this year, MGen committed to invest at least P18 billion for its RE buildout which will cover capacities from clean technologies such as solar and wind which the company aims to build through 2030. “In the coming years, Meralco will accelerate its shift to green energy through the adoption of next-generation clean technologies. Ultimately, we will drive deep decarbonization to advance long-term energy security with earth-friendly power,” Mr. Ravelo said. The post Meralco eyes cutting 2030 direct emissions by over 20% appeared first on Daily Tribune......»»
Meralco coal-free by 2050
The Manila Electric Company, or Meralco, the country’s largest power distribution company, has set out its long-term strategy to promote a just and affordable clean energy transition. The company intends to be coal-free by 2050. But before that, it will first push to cut it direct emissions by more than 20 percent by the end of the decade, or by 2030. According to Meralco, the targets cover its projected 2030 baseline Scope 1 emissions it directly generated from thermal power generation and the use of fuel for vehicles and other equipment. “We recognize our impact on the planet, and we will do more as part of our earnest commitment to sustainability,” Meralco first vice president and chief sustainability officer Raymond B. Ravelo said. Sustainability agenda “As we chart the path towards a brighter and greener energy future, Meralco will continue to evolve and elevate its sustainability agenda to continue powering the good life for all,” he added. Meralco has been heavily investing in the development of renewable energy or RE to serve the country’s growing energy demand for greener power. This includes the distribution utility’s program to source an increasing portion of its supply portfolio from RE. Meralco has so far contracted 1,880 megawatts or MW of RE capacity from various suppliers, already exceeding its initial target of 1,500 MW. As such, Meralco said RE is expected to account for 22 percent of the distribution utility’s supply portfolio by 2030, and 18 percent of that of Meralco’s retail electricity supplier, MPower, by 2025. Decarbonization push To further strengthen its decarbonization efforts, Meralco, through its power generation arm, Meralco PowerGen Corp. or MGen, is accelerating its RE buildout to develop greener generating capacities to power the country with sustainable energy. Earlier this year, MGen committed to invest at least P18 billion for its RE buildout which will cover capacities from clean technologies such as solar and wind which the company aims to build through 2030. “In the coming years, Meralco will accelerate its shift to green energy through the adoption of next-generation clean technologies. Ultimately, we will drive deep decarbonization to advance long-term energy security with earth-friendly power,” Ravelo said. The post Meralco coal-free by 2050 appeared first on Daily Tribune......»»
Tourism, agribusiness need prioritization — PCCI
The country’s biggest congregation of business owners in the country, the Philippine Chamber of Commerce and Industry, said the Marcos Jr. administration must focus on the industries of tourism and agribusiness as they provide opportunities to Filipinos. Apart from the two, PCCI president George Barcelon said other industries that need further push and support are IT-BPO and creative industries, manufacturing, mining, and mineral resources, considered to be ideal and attractive for local and foreign investments and could amplify the economic growth and competitiveness of the country. “Some of our neighboring countries in ASEAN have really moved fast over the past 10 years. We had been lagging them in terms of exports, investments, and trade and we could not afford to be in this situation, so we really need to review our policies for us to be attractive to local and foreign investors,” Barcelon said. He said this will be the center of discussions at the upcoming 49th Philippine Business Conference & Expo set this month, which will gather industry leaders and practitioners to provide insights and share some prospects in what an interesting discussion on policies and regulations could be to attract investors and stimulate investments in these sectors. He said tourism and agribusiness are low-hanging fruits that the government should seriously prioritize and develop as it provides many opportunities for Filipinos. In 2022, the tourism and travel industry only contributed 6.2 percent to the country’s GDP lower than 12.7 percent in 2019 prior to the pandemic. The latest data from the Department of Tourism said that from 1 January to 29 September 2023, a total of 4,005,465 visitors arrived in the country, bringing in a total of P316 billion in revenue into the government coffers and hiring 5.35 million Filipinos in tourism-related jobs. The Philippine agribusiness, on the other hand, contributed only around 8.9 percent to GDP in 2022 where in fact its contribution could actually reach 35 percent. The mining and mineral sector, meanwhile, was able to boost the country’s growth by P102B in 2020 during the pandemic while the manufacturing sector contributed 17.2 percent in 2022. “As the private sector takes the lead in mapping out plans for Vision 2050, we hope our government will focus its attention on harnessing these sectors and address the challenges that hinder the country’s economic growth. We have the competitive advantage to become a first world economy by 2050, we just have to do extra work to achieve it,” said Architect Felino Palafox Jr., who chairs the 49th PBC&E happening on 25-26 October at The Manila Hotel. This year’s conference carries the theme Vision 2050: The Philippines A First-World Economy. It will initiate discussions and gather insights from visionary leaders and policymakers on how the country, given its strategic location, natural and human capital resources, and the many advantages it has, can become one of the industrialized and developed economies by 2050. The two-day event will interestingly gather prominent business personalities, national and local executives, and international leaders. The post Tourism, agribusiness need prioritization — PCCI appeared first on Daily Tribune......»»
DoE eyes OSW, taps USAID
Due to the lack of financial allocation, the Department of Energy or DoE is turning to the United States Agency for International Development or USAID to bankroll the inclusion of offshore wind or OSW and floating solar energy, among other new technologies, into the country’s competitive renewable energy zones or CREZ. In a recent interview with reporters, Assistant Secretary Mylene C. Capongcol said these new power technologies should be included in the CREZ so that its integration into the grid will be efficient. “The first stage of CREZ, that finished does not include offshore wind and floating solar and other bodies of water. So the second stage, hopefully, will be supported by a USAID grant because we don’t have the budget here,” Capongcol said. “We will talk officially with USAID but we have sent our official request so we will just have a meeting about what is the scope of work and the timeline,” she added. OSW potential high Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay and Guimaras Strait. Meanwhile, in terms of floating solar energy ventures, one of the latest developments was the Laguna Lake Development Authority’s move to offer 2,000 hectares of the Laguna de Bay for floating solar projects. Of these, 800 hectares were taken by ACEN Corp. Half, or 1,000 hectares were leased by renewable energy firm SunAsia Energy, which aims to develop a 1300-MW facility for $1.2 billion. The remaining 200 hectares, on the other hand, were allocated to Singapore-based firm Vena Energy. Capongcol reiterated that the CREZ project will significantly complement the government’s drive to augment the country’s supply of clean energy. By proactively focusing transmission expansion to these resource areas, clean energy generation development obstacles such as transmission access, energy curtailment, land permitting, and regulatory barriers will be resolved. Thus, reducing the risk for private players who will invest in the sector. Relatedly, the DoE official bared that the 2023-2050 Philippine Energy Plan or PEP will also highlight the adoption of modern technologies, smart grid systems, and demand-side management to bring down overall energy consumption and cut down greenhouse gas emissions. The government set the target of a 35 percent share of renewable energy in the country’s energy mix by 2035 and increased it further to 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy utilization, the Philippines continues to heavily rely on coal. Coal, which is cheaper than other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 20 percent of the mix. The post DoE eyes OSW, taps USAID appeared first on Daily Tribune......»»
Each shrinking his carbon
Recently, residents in Metro Manila woke up to an overcast, foggy morning sky. Conjectures attributed it to another impending eruption of Taal Volcano, like it did in 2020. Phivolcs clarified that the smog that covered Metro Manila was not caused by the volcano; it was rather pollution trapped in the lower levels of the atmosphere. It was a surprise to many because, while traffic congestion has been worsening after the pandemic and Manila was identified as one of the most congested cities in Asia, it rarely brought to the public’s attention that the air pollution it causes is so serious. During the pandemic, people noticed that, due to the lockdown implemented in most countries, air quality improved and we were seeing clearer skies, but the situation changed rapidly as almost everything was “back to normal”. Countries are doing their bit to mitigate air pollution and slow global warming. The European Union set a goal to cut carbon emissions by at least 55 percent and source 45 percent of its energy from renewable sources by 2030. Starting today, EU’s carbon border adjustment mechanism, a carbon tariff on carbon-intensive products, will enter its trial phase. The transition phase of CBAM, from October 2023 to December 2025, will require exporters to submit emissions reports to importing partners. From January 2026, CBAM will be implemented and initially apply to imports in the emissions-intensive sectors deemed at greater risk of carbon leakage: cement, electricity, fertilizers, iron and steel, aluminum and hydrogen. From 2026, EU importers will start paying a financial adjustment by surrendering the amount of CBAM certificates that correspond to the emissions embedded in their imports. The EU Emissions Trading System’s free emission allowances are to be replaced by the CBAM gradually from 2026 to 2034. Thus, CBAM, the CO2 border tax, will be fully phased in at the start of 2034, when free carbon certificates are eliminated. In the Philippines, electric vehicle adoption was given a boost by Executive Order No. 12 issued in January, which reduced the tariffs on certain EVs to zero for five years, effectively lowering vehicle prices and encouraging people to purchase EVs. The EO covers EV segments such as cars, buses, vans, trucks, kick scooters, self-balancing cycles, bicycles and pocket motorcycles with auxiliary motors not exceeding 250 watts and with a maximum speed of 25 kilometers per hour. Nonetheless, electric motorcycles were excluded from the EO, and are still subject to a 30-percent tariff. In Taiwan, to encourage people to stop buying fuel vehicles by 2040 and achieve the target of net zero carbon emissions by 2050, people who buy new electric motorcycles enjoy a subsidy from the government varies from NT$5,100 to 7,000, equals to 8,990 to P12,340, depending on the model purchased until the end of 2026. If the battery cores, negative electrode materials, electrolyte and copper foil used in the electric motorcycles are all domestically produced, each vehicle will receive an additional subsidy of NT$3,000. Until the end of 2024, people who replace their more than 10-year-old car with an electric car will get a NT$15,000 to 18,000 subsidy in Taiwan. While Singapore and Taiwan launched their first carbon exchange platform Climate Impact X and Taiwan Carbon Solution Exchange in 2021 and August 2023, respectively, Indonesia also started its carbon trading market on 26 September. President Joko Widodo attended the launch, saying the exchange could create a new sustainable economy, estimating it has the potential to be worth at least Rp3,000 trillion ($194 billion). “This will be a new sustainable economic opportunity as the world is heading toward the green economy,” he said. The post Each shrinking his carbon appeared first on Daily Tribune......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
EDC funneling P60B for geothermal push
Energy Development Corp., or EDC, the renewable energy subsidiary of Lopez-led First Gen Corp., is investing roughly P60 billion over the next three years to drill 40 new wells to sustain existing operations and stabilize its geothermal capacity. Speaking to reporters at the sidelines of the Net-Zero Carbon Alliance or NZCA Conference on Monday, EDC vice chairman and CEO Francis Giles B. Puno said the planned drilling will be done across the Visayas and Mindanao areas. “A lot of it will be in Leyte and also in the Mt. Apo area — all of that will help to sustain EDC’s operations. Geothermal plants are a 24-hour baseload source of renewable energy. Having said that, over the next three years, we’re in a campaign to make sure that it’s sustainable; we need to make sure that we can continue to extract sustainable steam from the ground,” Puno told reporters. Puno said EDC will bankroll the capital-extensive plan through internally generated funds, which will be done in phases. Of the total P60 billion required budget, half will be allocated for drilling operations, while the other half will be used to finish the steam extraction. Net-zero pact EDC is at the forefront of ushering in a consortium of Philippine enterprises to achieve carbon neutrality by 2050. The EDC’s NZCA Conference on Monday, for instance, discussed challenges and opportunities for local corporations on a net-zero journey, including solutions for hard-to-abate sectors. According to a report released by a group in June, nearly half of the world’s 2,000 biggest publicly listed companies have committed to a net-zero strategy. However, the report highlighted that a number of these companies fail to account for emissions generated by their supply chains or depend on unreliable methods to offset their carbon production. EDC is First Gen’s fully renewable energy subsidiary that has over 1,480 MW total installed capacity — accounting for 20 percent of the country’s total installed renewable energy capacity. Its 1,185.40-MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world. The post EDC funneling P60B for geothermal push appeared first on Daily Tribune......»»
SMC power unit investors warned
“Thread cautiously” on San Miguel Power Global Holdings Corp., or SMPGH, an international think tank advised investors after assessing the prospects of the energy unit of the Asian conglomerate. The Detroit-based Institute for Energy Economics and Financial Analysis, or IEEFA, issued the call for caution due to SMPGH’s piling debts in contrast to its earnings. In a review of the dominant power producer, IEEFA said the company’s elevated net debt-to-earnings and potential difficulties meeting financial obligations “create additional risk of devaluation, particularly in the long term.” Likewise, SMPGH investors were cautioned about its mounting challenges in securing favorable funding terms due to its high fossil fuel exposure and high non-call risk for its sizable US dollar-denominated perpetual securities. IEEFA said the backing of parent San Miguel Corporation, one of the most diversified Asian multinationals, offers only “some comfort.” It said SMC’s own elevated debt and “business uncertainties will be critical to monitor” when assessing financial risks to SMGPH. Thus, due to its ongoing fossil fuel expansion, the company needs more strategic options to address financial risks in the near to medium term. However, IEEFA expressed the belief that an immediate material pivot toward low-cost domestic renewable energy represents the best hedge against exposure to imported fossil fuels, prices of which remain on an upswing. A compilation of the financial performance of the SMC units last year showed that only SMGPH tallied a huge loss. By the numbers Food unit San Miguel Food and Beverage Inc. reported a P34.6 billion or 10 percent gain; beer unit San Miguel Brewery Inc., a P31.75 billion profit, up eight percent; SMC Infrastructure a P14.24 billion net income, 110 percent higher; San Miguel Foods, P9.218-billion profit, up nine percent; Petron Corp., P6.697-billion, a nine percent increase; Ginebra San Miguel, P4.547 profit, a nine percent growth; San Miguel Packaging Group, 42 percent growth at P1.648-billion, and SMGPH, P3.134 billion or an 80 percent loss. SMGPH controls 4,719 megawatts or MW of operational power capacity, making it the largest power generation company in the Philippines by installed capacity. As of April 2022, the company owned 21 percent of installed capacity nationally and 28 percent of the Luzon grid, the largest of the three Philippine grids. However, SMC announced a 2050 net-zero target at its annual general meeting in June 2023. IEEFA said, “implementation details are sparse.” SMGPH’s existing generation portfolio is dominated by fossil fuel power plants, which comprise 87 percent of its operational capacity. Hydropower accounts for 12 percent. As of August 2023, the company does not have equity interests in wind or solar assets, IEEFA pointed out. “Without a change in strategy away from dependence on volatile fossil fuels, the company may increasingly find itself locked into financial instability,” according to IEEFA’s study. Fitch Ratings research unit CreditSights issued a similar report last year, saying the rising interest and debt payments of SMGPH may affect the company’s key projects. “Given the worsening financial profile of SMC Global Power, any concerns over its hypothetical default raise fears of triggering a cross-default on SMC,” the report said. The highly leveraged operation of the Asian conglomerate was also a concern raised by Bloomberg Intelligence, which indicated that it may impair the parent’s ability to rescue its subsidiaries in a financial fix. The post SMC power unit investors warned appeared first on Daily Tribune......»»
A multipolar world is not enough
We are confronting existential challenges. The climate crisis is spiraling out of control. A global cost-of-living crisis is raging. Poverty, hunger and inequalities are growing against the objectives of the Agenda 2030 for Sustainable Development. New technologies are raising red flags, without a global architecture to deal with them. Geopolitical divides and conflicts are multiplying with profound global implications, especially the impacts from the Russian invasion of Ukraine. We are moving toward a multipolar world, and that is a positive thing. But multipolarity in itself is not enough to guarantee a peaceful or just global community. To be a factor of peace, equity and justice in international relations, multipolarity must be supported by strong and effective multilateral institutions. Look no further than the situation in Europe at the dawn of the last century. Europe was multipolar — but it lacked strong multilateral mechanisms. The result was World War I. As the global community moves toward multipolarity, we desperately need — and I have been vigorously advocating for — a strengthened and reformed multilateral architecture based on the UN Charter and international law. Today’s global governance structures reflect yesterday’s world. They were largely created in the aftermath of World War II when many African countries were still ruled by colonial powers and were not even at the table. This is particularly true of the Security Council of the United Nations and the Bretton Woods institutions. For multilateral institutions to remain truly universal, they must reform to reflect today’s power and economic realities, and not the power and economic realities of the post Second World War. In the absence of such reform — fragmentation is inevitable. We cannot afford a world with a divided global economy and financial system; with diverging strategies on technology including artificial intelligence; and with conflicting security frameworks. The IMF estimates that such a fracture could cost 7 percent of global GDP — a cost that would be disproportionately born by low-income countries, mainly in Africa. In a fracturing world with overwhelming crises, there is simply no alternative to cooperation. We must urgently restore trust and reinvigorate multilateralism for the 21st century. This requires the courage to compromise in the reforms that are necessary for the common good. It requires full respect for the UN Charter, international law, universal values, and all human rights — social, cultural, economic, civil and political. And it requires much greater solidarity. Redesigning today’s outdated, dysfunctional, and unfair global financial architecture is necessary, but I know it won’t happen overnight. Yet we can — and must — take practical action now. We must also drastically step-up climate action and climate justice. Developed countries [must] commit to reach net zero emissions as close as possible to 2040, and developing countries as close as possible to 2050. Developed countries must also finally keep their promises to developing countries: By meeting the $100 billion goal, doubling adaptation finance, replenishing the Green Climate Fund and operationalizing the loss and damage fund this year. We will not solve our common challenges in a fragmented way. Together, let us work to advance the power of universal action, the imperative for justice and the promise of a better future. *** Excerpts from the UN Secretary-General’s remarks at the BRICS summit, 24 August 2023. The post A multipolar world is not enough appeared first on Daily Tribune......»»
Meralco bumps up RE source shift
The Manila Electric Company or Meralco has secured 1,880 megawatts or MW of renewable energy capacity — surpassing its initial target of 1,500 MW under the Renewable Portfolio Standards or RPS policy. The company reiterated over the weekend that increasing a portion of its supply portfolio from renewable energy is an integral part of its long-term sustainability strategy. “We will continue to elevate and evolve our sustainability initiatives as we implement our long-term sustainability strategy that involves the adoption of next-generation clean technologies and deep decarbonization efforts as we aspire to be coal-free by 2050,” Meralco first vice president and chief sustainability officer Raymond Ravelo said. Through Meralco’s strategic sourcing initiatives, renewable energy is expected to account for 22 percent of the distribution utility’s supply portfolio by 2030, and 18 percent of Meralco’s retail electricity supplier, MPower, by 2025. This will eventually allow the company to reduce its total carbon emissions by 15 percent vis-à-vis its projected baseline 2030 emissions, in line with its energy transition commitment. 35 percent RE by 2030 Under the RPS Policy, electricity suppliers are mandated to source a portion of their requirements from RE given the government’s goal to increase the share of clean energy in the country’s energy mix to 35 percent by 2030 and 50 percent by 2040. Currently, the RPS requirement is set at +2.52 percent per annum. Amid an aggressive sustainability drive, Meralco PowerGen Corp. or MGen, the power generation arm of Manila Electric Co. or Meralco, recently announced that it earmarked P18 billion to accelerate its renewable energy expansion. The investment will bankroll the development of over 2 gigawatts or GW of gross RE capacity from solar and wind power — targeted to be delivered by the end of the decade or by 2030. The allotted budget will also help MGen and its renewable energy unit MGen Renewable Energy or MGreen augment its RE capacity to 1,500 MW as it will fund investments in larger green energy projects, including those with battery energy storage systems. The post Meralco bumps up RE source shift appeared first on Daily Tribune......»»
Heat-stressed cows to cut milk supply
More than one billion cows worldwide could suffer from heat stress by the end of the century due to global warming, threatening to reduce milk supply, according to a research published on Thursday. Global milk supplies would be reduced by 11 million tons per year by 2050 under a high greenhouse gas emission scenario, the study’s lead author, Michelle North of University of KwaZulu-Natal in South Africa, told Agence France-Presse. The study, published in Environmental Research Letters, says that Nearly eight out of 10 cows across the planet are already experiencing excessively high body temperatures, spiked respiration rates, bowed heads and open-mouthed panting — all symptoms associated with severe heat stress. In tropical climates, 20 percent of cattle endure those symptoms year-round. These numbers are projected to balloon if cattle farming continues to expand in the Amazon and Congo basins, where temperatures are on track to rise more quickly than the global average. If greenhouse gases are curbed sufficiently — including by cutting the use of fossil fuels and by limiting the expansion of cattle farming — the number of cows suffering could be reduced by half in Asia and by four-fifths in Africa, the study says. In the near term, overheated cows can be helped by providing them with access to shade and fans, and feeding them earlier in the day. WITH AFP The post Heat-stressed cows to cut milk supply appeared first on Daily Tribune......»»
Heat stress could threaten health of one billion cows
By the end of the century, more than one billion cows worldwide could suffer from heat stress if global warming continues unabated, threatening their fertility, milk production, and lives, according to research published on Thursday. Nearly eight out of 10 cows across the planet are already experiencing excessively high body temperatures, spiked respiration rates, bowed heads, and open-mouthed panting -- all symptoms associated with severe heat stress, the study said. In tropical climates, 20 percent of cattle endure those symptoms year-round. These numbers are projected to balloon if cattle farming continues to expand in the Amazon and Congo basins, where temperatures are on track to rise more quickly than the global average. If emissions of climate-heating greenhouse gases continue to rise, the study predicts heat stress will become a year-round problem in Brazil, southern Africa, northern India, northern Australia, and Central America by 2100. "A very important determinant of how many cows are exposed to this heat is decisions about land-use change," lead author Michelle North of the University of KwaZulu-Natal in South Africa told AFP. "Deforestation of tropical forests for livestock expansion is not a viable development future, because it makes climate change worse and will expose hundreds of millions more cattle to severe heat stress," she added. The study, published in Environmental Research Letters, found that in a worst-case scenario, cattle husbandry will nearly double in Asia and Latin America and increase more than fourfold in Africa. Losing livelihoods If greenhouse gases are curbed sufficiently -- including by cutting the use of fossil fuels and by limiting the expansion of cattle farming -- the number of cows suffering could be reduced by half in Asia and by four-fifths in Africa. Commercial ranchers stand to lose a lot of money from heat stress. It already costs as much as 1.7 billion dollars annually in the United States alone. But these farmers usually have insurance, good relations with banks, and the ability to draw on loans to help them recover from heat-related losses, said North. When heat or other climate disasters hit small-scale farmers, however, "it can lead to farmers literally losing their livelihoods, even if the net losses may appear 'negligible'", she said. North and her team found that global milk supplies would be reduced by 11 million tonnes per year by 2050 under a high greenhouse gas emission scenario. If emissions are aggressively reduced, nearly half of that amount would still be lost, mostly in Asia and Africa, where milk supplies are already low. In the near term, overheated cows can be helped by providing them with access to shade and fans, and feeding them earlier in the day. The post Heat stress could threaten health of one billion cows appeared first on Daily Tribune......»»
Meralco infusing P18B for RE bid
Amid an aggressive sustainability drive, Meralco PowerGen Corp. or MGen, the power generation arm of Manila Electric Co. or Meralco, has earmarked P18 billion to accelerate its renewable energy or RE expansion. The company disclosed over the weekend that the investment will bankroll the development of over 2 gigawatts or GW of gross RE capacity from solar and wind power — targeted to be delivered by the end of the decade or by 2030. The allotted budget will also help MGen and its renewable energy unit MGen Renewable Energy or MGreen augment its RE capacity to 1,500 MW as it will fund investments in larger green energy projects, including those with battery energy storage systems. MGen started its journey towards a balanced, low-carbon energy mix through the opening of BulacanSol’s 55 MWac solar plant located in San Miguel, Bulacan in 2021. MGreen currently has an RE portfolio that also includes the 68MWac solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc. and the PH Renewables Inc.’s or PHRI 75 MWac solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp. PHRI recently completed the commissioning tests for Phase 1 of its project involving 67.5 MWac which is scheduled for commercial operations by mid-August 2023. Phase 2 of the project is targeted to be operational by mid-2024. MGen president and CEO Jaime T. Azurin said the company is currently assessing other possible RE developments that it could take on in the future. It is aligned with One Meralco’s target to reduce its direct emissions by 20 percent through 2030 as it drives to be coal-free before 2050. Collaboration continues “We will continue to work with the energy industry, government, and other pertinent stakeholders to help further accelerate the country’s energy transition as we aggressively pursue more renewable energy projects,” Azurin said. This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable, and orderly transition to clean energy,” he added. These include the two solar projects: the 49MWac solar plant in Cordon, Isabela; and the 18.75 MWac solar plant in Bongabon, Nueva Ecija — both of which are among the winning bidders in the Department of Energy’s second round of Green Energy Auction Program. Based on the targets set by the DoE, the share of renewable energy in the country’s energy mix should increase to 35 percent by 2035 and 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy use, the Philippines still relies heavily on coal. Coal, which is cheaper compared to other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 20 percent of the mix as of last year. The post Meralco infusing P18B for RE bid appeared first on Daily Tribune......»»
ACEN’s P50-B preferred shares shelf registration gets SEC nod
The Securities and Exchange Commission or SEC has approved ACEN Corp.’s shelf registration of up to P50 billion preferred shares — a move that will allow Ayala’s listed energy arm to raise as much as P24.83 billion to fund its operations. The Commission En Banc, following a 27 July meeting, approved the registration statement of ACEN covering Series A and B green preferred shares. Net proceeds from the fundraising, according to ACEN, will support the refinancing of short-term loans for eligible green solar projects in Pangasinan, Zambales and Cagayan, as well as wind projects in Ilocos Norte. The shares may be issued in one or more tranches within three years — subject to the company’s compliance with certain remaining requirements. For the first tranche, the company will offer up to P12.5 billion of preferred shares, plus an oversubscription option of up to P12.5 billion. Based on the ACEN’s submitted timetable to the SEC, the preferred shares will be offered to the public from 11 to 23 August. It will be listed on the Philippine Stock Exchange on 1 September. The preferred shares will be traded under the ticker ACENA for Series A and ACENB for the Series B green preferred shares. P70B for operations For this year, ACEN earmarked P70 billion to bankroll its annual operations. It ended 2022 with over 4,000 megawatts of net attributable capacity, with 98 percent coming from renewable technologies across its key markets in the Philippines, Australia, Vietnam, India and Indonesia. Meanwhile, it has around 2,400 MW of capacity under construction, 1,000 MW of which is in the Philippines. ACEN said the majority of these ongoing developments will be operational by the end of the year. ACEN aims to deliver reduction-led decarbonization by 2040, with an interim target for 2030, and a net zero status by 2050. The post ACEN’s P50-B preferred shares shelf registration gets SEC nod appeared first on Daily Tribune......»»
1.3 Billion People Could Be Living With This Disease by 2050, Reveals Study
The global burden of diabetes is set to more than double by 2050, affecting a staggering 1.3 billion people worldwide, according to a study conducted.....»»
Addressing global challenges for sustainable development
World Population Day is observed annually on the 11th of July, aiming to raise awareness about the challenges posed by the world’s ever-growing population. The day serves as a platform to promote discussions and actions on population-related issues and their impact on social, economic and environmental dimensions. With the global population reaching unprecedented levels, it is crucial to understand the significance of this observance and the need for sustainable development strategies to ensure a prosperous future for humanity. World Population Day provides an opportunity to reflect on the implications of population growth. With the world’s population projected to surpass 9 billion by 2050, it is vital to consider its implications for food security, healthcare, education, urbanization and resource consumption. [caption id="attachment_155542" align="aligncenter" width="525"] Photo/Analy Labor[/caption] The observance underscores the importance of responsible family planning, gender equality, and equitable access to healthcare and education to address these challenges effectively. The theme for this year focuses on “Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities.” World Population Day serves as a reminder that managing population growth is integral to achieving sustainable development. By focusing on reproductive health, gender equality, education and sustainable urban planning, we can address the challenges posed by the growing global population and pave the way for a prosperous future for all. The post Addressing global challenges for sustainable development appeared first on Daily Tribune......»»
Diabetes cases to double to 1.3 billion by 2050: study
The number of people suffering from diabetes worldwide will more than double to 1.3 billion by 2050 driven by structural racism and gaping inequality between countries, new research predicted on Friday. Every country on the globe will see an increase in the number of patients with the chronic disease, according to the most comprehensive analysis of global data projecting out to 2050. Some 529 million people were estimated to already be living with diabetes, one of the top 10 causes of death and disability. That number -- 95 percent of which are cases of type 2 diabetes -- will top 1.3 billion in less than three decades, according to a study published in the Lancet journal. High body mass index -- an indication that people could be overweight -- was linked to more than half of deaths and disability from diabetes. Other factors included people's diets, exercise, smoking and alcohol. Liane Ong, lead research scientist at the Institute for Health Metrics and Evaluation (IHME) and first author of one of the studies, said one factor was how diets had changed. "Over the course of 30 years, different countries have really migrated from traditional food habits -- maybe eating more fruits and vegetables, eating healthier greens -- to more highly processed foods," she told AFP. The research also estimated that by 2045, three quarters of adults with diabetes will live in low- and middle-income countries. But even in wealthy countries such as the United States, diabetes rates were almost 1.5 times higher among minorities such as black, Hispanic, Asian or Native Americans, a separate Lancet study said. Study co-author Leonard Egede, of the Medical College of Wisconsin, blamed a "cascade of widening diabetes inequity". "Racist policies such as residential segregation affect where people live, their access to sufficient and healthy food and health care services," he said in a statement. Ong said "the challenge is that we don't really see one type of intervention that's going to fix everything". Instead, fighting diabetes will require long-term planning, investment and attention from countries around the globe, she said. In an editorial, the Lancet said that "the world has failed to understand the social nature of diabetes and underestimated the true scale and threat the disease poses." "Diabetes will be a defining disease of this century," it added. The post Diabetes cases to double to 1.3 billion by 2050: study appeared first on Daily Tribune......»»