More renewable energy capital needed for COP21 initiative—REDC

The country must continue to invest in renewable energy to achieve the global commitment signed at the 2015 Paris Climate Conference (COP21) to reduce global greenhouse gas emission in which the country is a signatory, Repower Energy Development Corp., (REDC) Chief Executive Officer Dexter Tiu said ahead of the celebration of the World Sustainable Energy Days.

Under COP21, 196 countries, including the Philippines, agreed on the goal to cut carbon emission which will reduce global warming below 2-degrees Celsius and build a carbon-free world economy in the second half of the century. Developed countries with existing renewable energy plants have also committed to adding investments in renewable technologies. “We need more investments in renewable energy for the country to reach its carbon commitments,” said Tiu, whose REDC is a renewable energy company utilizing breakthrough technologies for energy production through hydropower that promote environmental sustainability.

With the country’s buoyant urban and economic growth, energy requirements grow at a rate that is difficult to fulfill. REDC said this can be solved by increasing investments in renewable energy to fill the gap and, at the same time, cut the country’s carbon emissions.

In 2008, the government enacted the Renewable Energy Act to promote renewable energy, but the country is still struggling to boost the industry because investing in renewables is more costly than coal and fossil fuel. Tiu said the debate between advocates of traditional sources of energy and renewables should not be a matter of choosing between a vibrant economy and a healthy environment. “Some companies in the country are now using energy from renewable sources like solar, geothermal, and hydro power plants.

For them, it’s not just a strategy to sustain future energy needs but also a business policy,” he said. The Philippines has a strong potential capacity in renewable energy, which makes up a significant portion of the 12,128 MW daily energy generation or a minimum of 30 percent in the country’s total energy source, indicating great potential for growth. As part of its effort to accelerate its investments in renewables, REDC recently acquired the Philippine Power and Development Co. (Philpodeco), owner of the country’s three oldest operating mini-hydropower plants in Laguna province, to increase the plants’ output after a considerable P300 million overhaul.

REDC’s investment in Philpodeco’s hydropower plants is one of its initiatives to promote environment-friendly renewable energy generation.

“We are confident that REDC will continue our 89-year legacy in providing clean energy and mitigate climate change for the next 100 years,” said Manuel Frondoso of Philpodeco.

Established just two years ago, when the country was grappling with inadequate energy supply, REDC has become of one the frontrunners in the hydroenergy industry, introducing modern European technology for hydropower energy production optimization and has over 100 megawatts of projects in development.