Failing Miserably

According to the Bloomberg New Energy Outlook (NEO), renewable energy will lord over the power mix by 2050.

The NEO notes that since the 1970s, fossil fuels have dominated with 60 to 70 percent of the global power generation, but this would soon come to an end.

By 2050, almost 50 percent of total power globally will come from solar and wind technology. Together with hydro, nuclear and other renewables, the total contribution of zero carbon power will be 71 percent.In contrast, fossil fuels will only account for 29 percent, down from its current 63 percent contribution.

The shift to 50 percent renewable energy power scenario is driven by the falling prices of solar PV, wind, and battery technologies. The average PV plant costs will fall by 71 percent by 2050 according to experts. My own personal experience has shown that. Wind is also expected to drop to 58 percent.

Saltwater-Battery-feature-image

A major shift to renewable energy is possible due partly to falling prices of battery storage. Photo c/o Edgy Labs

Battery capacity will receive a total of $548 billion in investments, which will account for its expected price drop. One of my business partners has invested in the flywheel battery storage technology and is experiencing a surge in demand for his batteries.

Indeed, the world is heading towards greater use of sustainable energy. How I wish we can say the same for our country.

It is no secret that the Philippines seems to be heading towards the opposite direction as one of our senators pointed out recently. In fact, just recently the Department of Energy (DOE) has recommended the importation of dirtier fuel, Euro-2 compliant type of fuels. The Philippines is now importing Euro-4 compliant, a much higher quality fuel. Euro 2 is cheaper because its quality is poorer. You get what you pay for.

Senator Loren Legarda, a staunch advocate of renewable energy, has lamented that the Philippines is failing miserably in implementing the Renewable Energy law passed 10 years ago.

In a speech, she stressed that “While many initially thought that the adoption of the RE law in December 2008 represented a firm and decisive policy position on the country’s shift to cleaner and indigenous forms of energy, stakeholders, to date, continue to grapple with mixed signals from those charged with implementing the RE law.”

Legarda added that the Philippines had increased its coal imports at a yearly average of 12.8 percent from 1989 to 2015.

From 2015 to 2016, coal imports volume was even higher by 16% from 17.3 metric tons to 20 metric tons.

She also lamented the growth of installed capacities of coal-fired plants which climbed by 87% from 3,967 MW in 2005 to 7,419 MW in 2016. Another 10,423 MW is in the pipeline.

In contrast, there has been a decline in the renewables’ share in 2016 from 32% from 33.5% in 2005, while coal climbed from 25% in 2005 to 35% in 2016.

Time and time again, renewable energy advocates like myself openly call out to the government to take serious measures to fulfill what the RE law requires.

Other countries including neighbors such as India are making significant progress in their goals to shift to greater use of renewables. Unfortunately, the Philippines is nowhere near its goal of sourcing 30 percent of power from clean sources.

Legarda said it well when she reminded us that it had taken 18 years to pass the law, but it seems harder to implement it: “It was hard then, but even more so now, to convince naysayers on the importance of renewable energy in the country’s development agenda…To date, those charged with implementing these policy mechanisms seem to want to continue the debate on matters decided upon by legislators ten years ago.”

Hopefully, those in charge see the need of implementing the RE law swiftly. Our recent experience with the monsoon rains in the second week of August, which left Metro Manila and nearby areas flooded should convince us that we need to take care of the environment. This includes following laws intended to spare us from the effects of climate change. Plus, of course, we need renewable power for a more sustainable economic growth.

References:

New Energy Outlook 2018: https://bnef.turtl.co/story/neo2018?teaser=true

http://www.bworldonline.com/legarda-cites-slipping-renewable-energy-share/

Such Folly

sulu pinterest

Modular nuclear plant for Sulu? Renewables is a much better option. Photo c/o pinterest

The local government unit (LGU) in Sulu is said to be looking at putting up a modular nuclear power plant (NPP).

A report by The Inquirer quoted Energy Department’s spokesperson and undersecretary Felix William saying, “Yes, Sulu. It’s actually small. They are looking at a modular facility.” The undersecretary, however, admitted that a modular nuclear plant is a remote possibility.

And Fuentebella is right to say so. After all, the suggestion is a folly.

For one, what we have are outdated legislative and regulatory frameworks to guide us in developing a nuclear power plant. Whoever suggested building a nuclear power plant in Sulu seems to have forgotten that our regulatory framework covering NPPs were created more than 50 years ago. However all these were either repealed or downgraded during President Cory’s time. In particular, Philippine Atomic Energy Commission (PAEC) was downgraded to a Philippine National Research Institute (PNRI). PAEC was regulating the nuclear power development and operations including licensing of engineers.

The existing legislative framework in the regulation of nuclear technology in the country are the Science Act of 1958 and the Atomic Energy Regulatory Act of 1968 or RA 5207 where there are two different regulating agencies in the use of radiation, namely the Philippine Nuclear Research Institute (PNRI) and the Bureau of Health Devices and Technology (BHDT) under the Health Department.

The PNRI is in charge of regulating nuclear and radioactive materials while the BHDT governs the electrically generated radiating emitting devices in all the fields. Unfortunately, our current framework fails to define the regulatory responsibilities of nuclear plants. Neither of these bodies have the competence nor authority to regulate nuclear power.

Who then would issue a license to build and operate the nuclear facility since there is no licensing agency anymore? We need to create a new law that would define the responsibilities of each regulating agency in charge of nuclear power.

And even if we can pass a law quickly, there remains the question of human resources. In the first place, how much expertise do we have on nuclear technology locally? This leads me to my second point.

The Philippines lacks the technical skills for a nuclear power plant. There is a shortage of qualified experts and experienced workers in running an NPP. Those involved in building the Bataan power plant may no longer be around or have retired from work altogether.

This a known fact. The absence of qualified people is a gap that some lawmakers tried to address when they proposed the re-opening of the Bataan Power plant.

For example, House Bill 580 or the “Bataan Nuclear Power Plant (BNPP) Operability Act” filed by the late Senator Mirriam Santiago had a provision mandating the creation and implementation of a training program for the management and operation of all technical aspects of the BNPP.

The same bill also proposed for the University of the Philippines (UP) to form a Nuclear Power Engineering Department under the College of Engineering, which should only be to “offered for enrollment to the top twenty percent (20%) of engineering graduates” of the university. The proposal also called for a separate course in UP that will specialize in nuclear power industry regulation.

The late senator obviously knew what she was proposing. Her senate bill recognized the lack of qualified people to build, run and regulate NPPs in this country and the need to recruit the brightest minds to handle nuclear energy. Up to this day, there remains a shortage of people to run and regulate nuclear power.

In the absence of local experts and experienced personnel, who will then build and run the NPPs? Are we to turn to foreigners and rely solely on their expertise? This raises the question of whether we should entrust the operations of a power plant entirely in the hands of foreigners. Our current laws, unless exempted by another law, prohibits foreigners from practising their profession in the country.

Plus, let us not forget that Sulu remains to be a conflict area where bombings and gunfights are constant. Keep in mind that an accidental release of radioactive material from a nuclear could cause death, acute health effects and even long-term environmental consequences. Putting a nuclear plant in the middle of a war zone may have dire repercussions. The idea of putting a nuclear power plant in a location with persistent bombing and shooting is absurd.

So, where did the suggestion of using a modular nuclear power plant come from? Was this the idea of a person or entity who has yet to hear the benefits of renewable energy? Have we forgotten that the Philippines including conflict areas in Mindanao are well endowed with natural resources that can be utilized to generate power?

We should focus on what is doable. Banking on indigenous renewable energy and distributed generation is the sensible alternative rather than the modular nuclear power plant.

Taking Action

All over the world, calls are being made to shift from traditional forms of energy to more sustainable ones in the hope of saving our environment and making energy available for all. In response, various sectors have taken drastic actions and are making great progress in their shift to renewable energy.

The achievements of the private and public sector in transitioning to greener forms of power in recent years are significant. The numbers for 2017 alone are a testament to both sectors commitment to add and use more renewable energy.

Last year was a record-breaking year as renewable power generation capacity had its biggest annual increase of nine percent with an estimated 178 GW added capacity, according to REN21’s study, Renewables 2018 Global Status Report.

More renewable power was added than fossil fuels as renewables accounted for 70 percent of the overall combined global generating capacity. Investments in RE for 2017 reached $279 billion, up from the recorded $274 billion in 2016 as well.

The figures from corporate buying of renewable energy are admirable, too.

For one, the International Renewable Energy Agency report, Corporate Sourcing of Renewable Energy: Market and Industry Trends showed that firms across 75 countries sourced a total of 463 terawatt-hours from renewables in 2017. This volume is enough to power up a country equivalent to the total demand of France.

The report found out that half of the 2,400 large companies analyzed for the study are voluntarily and actively buying or investing in self-generation of renewable energy for their operations. Plus, 200 of these firms source at least 50 percent of their power needs from renewables. “Renewable energy sourcing has become a mainstream pillar of business strategy in recent years,” IRENA Director-General Adnan Z. Amin stressed.

Environmental and sustainability concerns, social responsibility, reputation management, and economic and financial objectives are the top reasons cited by corporations on why they are making the shift to renewable power. “While environmental concerns initiated this growing trend, the strengthening business case and price stability offered by renewables can deliver a competitive advantage to corporations, and support sustainable growth,” Amin added.

There’s definitely an increased appetite for renewable energy as other countries are also gearing up to accommodate more renewables such as in the case of Vietnam.

Recently, Vietnam Prime Minister Nguyen Xuan Phuc reiterated his country ’s commitment to shift to renewable power in an interview with Reuters.

He announced that Vietnam is set to increase electricity generated from renewable sources to 101 kWh billion by 2020 and to 186 kWh billion by 2030 from 58 billion kWh recorded in 2015. The country also aims to reduce the use of coal and petroleum products by 40 million tons by 2030.

Phuc said that the government has already prepared incentive mechanisms as well as policies to promote local and foreign investments into renewable energy development.

The chief executive stressed that this shift is needed despite the country’s push for more economic growth,“It is important that we will not pursue economic growth at the expense of the environment,” Phuc noted.

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Soma Kolin power plant in Turkey’s western province of Manisa. Survey says more Turkish favor greener forms of energy despite the country’s dependence on coal
Photo c/o: http://www.aa.com.tr

There also seems to be greater awareness and appreciation for renewables among citizens in other countries. Turkish, for example, favor greener forms of energy than coal despite Turkey’s dependence on this form of power. The country sources more than 70 percent of power need from fossil fuels since the government named coal as its preferred fuel for the growing energy demand.

A survey conducted by climate information hub İklim Haber and research company Konda revealed that more than half of its citizen oppose the building of additional coal-fired plants as 75 percent of the participants are worried about climate change.

In the Philippines, our government claims to have the appetite for more renewables in our power mix. But that hunger is not correctly matched by government’s actions. It is highly likely that we will remain starved for cleaner forms of energy for now as we have moved down our renewable energy targets.

The Energy Department had announced the target of sourcing 35 percent of our overall power needs from RE by 2030. This goal, however, has been recently pushed back to 2040. This is not surprising as data from BMI report showed that there would be a 10 percent increase of coal in our energy mix in the next decade from below 50 percent in 2017 to more than 55 percent by 2027.

That is unfortunate since now is an excellent time for the Philippines to add more renewables and to take advantage of the falling costs of renewable power prices. Plus, of course, we need stable energy at reasonable prices as we try to industrialize. But then, again, we will remain hungry for cheaper and sustainable forms of power for now.

References:

Renewables 2018, Global Status Report, http://www.ren21.net/gsr-2018/
http://www.vir.com.vn/vietnam-well-positioned-to-develop-renewable-energy-says-pm-59892.html

http://www.climatechangenews.com/2018/06/05/83-turks-favour-renewable-energy-coal-survey-finds/

http://www.irena.org/newsroom/pressreleases/2018/May/Corporate-Sourcing-of-Renewables-Growing-Taking-Place-in-75-Countries

A Timely Reminder

Three years ago, Pope Francis made a strong appeal to the world to address the growing problem of climate change. In his 180-page encyclical, the pope stressed that “Climate change is a global problem with grave implications: environmental, social, economic, political and for the distribution of goods. It represents one of the principal challenges facing humanity in our day.”

Pope Francis recently made the same appeal with investors, oil executives and Vatican experts during an unprecedented conference at the Pontifical Academy of Sciences.

The pontiff had stressed that climate change must be addressed soon and the world has to use a power mix that will combat pollution, promote social justice, and combat pollution. “But that energy should also be clean, by a reduction in the systematic use of fossil fuels. Our desire to ensure energy for all must not lead to the undesired effect of a spiral of extreme climate changes due to a catastrophic rise in global temperatures, harsher environments and increased levels of poverty,” the pope said.

He reminded his audience that development must not come at the expense of the environment “Civilisation requires energy, but energy use must not destroy civilisation.”

The head of the Catholic Church has never wavered in his appeal to the world to make the planet a better place by saving the environment. His recent plea is also timely as studies and reports show that the world has to do more in fighting the effects of climate change.

The recent United Nation (UN), a yearly report entitled ‘The Sustainable Development Goals Report 2018” concluded that climate change along with inequality and conflict are the primary factors in growing hunger and displacement around the world.

The figures in the report showed that the world has a long way to go in combating the effects of climate change including the health hazards. After all, the World Health Organization once tagged climate change as “the defining issue for the 21st century.”

The UN study revealed that in 2016, around the world, 91 percent of the urban population were breathing dirty air or air that failed to meet the WHO Air Quality Guidelines. What’s worse is that more than half of the said population were exposed to air pollution levels that are at least 2.5 times higher than the safety standard. It is not surprising then that around 4.2 million people died due to high levels of ambient air pollution.

The same report showed that renewable power’s share in the final energy consumption had a moderate increase from 17.3 percent in 2014 to only 17.5 percent in 2015.

That’s a sad figure, especially when the more significant use of renewable energy can save lives. Let us remember that both coal and oil power have greater death prints, or what energy expert James Conca defines as the “number of people killed by one kind of energy or another per kilowatt hour (kWh) produced.”

In fact, the mortality rate of coal, which is derived by dividing the trillion kilowatt hour of use, is 100,000 when we get 50 percent or our energy needs from this source. Likewise, oil has a mortality rate of 36,000 for every eight percent of the energy it supplies.

Apparently, the growth of renewables in the world’s energy mix had been slow and more people are literally dying because of it. Clearly, more must be done to combat climate change, which includes developing and using more cleaner forms of energy.

Let us heed the Pope’s call, shall we?

References:

https://www.theguardian.com/world/2018/jun/09/pope-francis-tells-oil-bosses-world-must-wean-itself-off-fossil-fuels

http://sdg.iisd.org/news/sdg-report-2018-finds-conflict-climate-change-inequality-hindering-progress/

https://www.forbes.com/sites/jamesconca/2012/06/10/energys-deathprint-a-price-always-paid/#16e2ea1b709b

 

 

 

 

Missing Out on Benefits

 

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10.3 million people were employed in renewable sector says IRENA. Photo c/o https://constructionplacements.com

Renewable energy as experts has been saying bring many benefits. All over the world, big global brands and governments are making the shift to sustainable sources of power because they to help the environment as well as save on power costs.

 

However, more affordable energy prices and a cleaner environment are not the only benefits of choosing renewable energy. Fortunately, opting to build RE plants has a direct on the economy through job generation.

The International Renewable Energy Agency or IRENA report, Renewable Energy and Jobs Annual Review 2018 showed that in 2017 alone, the renewable energy industry generated more than half a million jobs around the world. This number brings the total number of people employed by the sector to 10.3 million as some 500,000 more jobs were created last year by the industry.

The same report noted that United States, China, Brazil, Germany, Japan and India combined accounted for the 70 percent of the jobs. Asia on the other hand accounted for 60 percent of all the renewable jobs having employed three million workers for solar PV energy alone.

These numbers can silence many naysayers who claim that a shift to greener forms of energy could cost many workers their jobs. In fact, the change to cleaner forms of energy is set to create more employment in the next coming decades as noted by Adnan Z. Amin, Director-General of IRENA. “Fundamentally, this data supports our analysis that decarbonisation of the global energy system can grow the global economy and create up to 28 million jobs in the sector by 2050,” Amin stressed.

Locally, the RE sector can create plenty of jobs for the Filipinos, too.

The  Greenpeace report “Green is Gold: How renewable energy can save us money and generate jobs, in 2013, noted that the Philippines, being a tropical country can generate as much as   4.5 to 5.5 kWh/m2/day. Data collected by the research showed that a 10 MW solar power plant usually employs 1000 people during the construction phase that lasts for six months and additional 100 full-time employees.
And this is just for solar power.

Overall, Greenpeace’s report found that the RE sector in the country can provide as much as 6.3 million jobs by 2030. Plus, renewable power in the Philippines can create some 62,625 jobs for every 7.828 RE projects for development

Unfortunately, unless we can fix the problems in the sector, then we cannot expect to reap the full benefits of RE including providing more employment for the Filipino workers.

Inconsistent and unfavorable policies to developers hinder the sector from reaping the economic benefits of harnessing more power from natural sources. The IRENA report stressed this point when it noted: “Employment trends and patterns are shaped by a wide range of technical, economic and policy-driven factors. Where policies become less favorable to renewable energy, change abruptly or invite uncertainty, the result can be job losses or lack of new job creation.”

The developments in the last few months have been a testament to the uncertainty in the energy sector. Just last December, the Commission on Audit suspended the four commissioners of the Energy Regulatory Commission or ERC.  A bill in Congress is seeking to abolish the commission was filed in the lower house after. By February, the Court of Appeals’ granted a temporary restraining order stopping the suspension. The conclusion of this saga remains to be seen.

Plus, we are also dealing with the cha-cha of our government or back and forth of our government in increasing the shares of renewables in our power mix. The Energy Department had a goal of sourcing 35 percent of our overall power needs from RE by 2030 and later pushed the deadline further to 2040.

In fact, in the next decade, the share of coal is set to increase by 10 percent as noted by Fitch-owned, BMI “The share of coal [is]actually increasing over our 10-year forecast period—from just under 50 percent in 2017 to over 55 percent by 2027,” BMI noted. What’s worse is that the contribution of renewables in our energy mix will likely decrease to 16 percent in 2027 from 20 percent in 2020 according to the study.

These numbers do not reflect our goal to source more power from renewable energy. So, we are unlikely to generate more jobs from the RE sector if this projection materializes.

Aside from missing out on having lower energy costs and helping our environment, the Philippines is likely to miss out on the opportunity of providing additional jobs from the development of more renewable energy plants.

If we can only get our act together, then we can surely reap the benefit of having more jobs from harnessing more power from renewables especially since the Philippines is blessed with overflowing natural resources. Doing so will reduce the burden on Filipino households and provide individuals with more jobs and higher disposable income which Filipinos need and deserve.

References:

Greenpeace report “Green is Gold: How renewable energy can save us money and generate jobs

IRENA report, Renewable Energy and Jobs Annual Review 2018

http://www.manilatimes.net/coal-top-55-ph-power-mix-2027/377594/

Shared Business View

Addressing climate change is the responsibility of all. Luckily, big global brands are doing their share and choosing to make the shift to cleaner forms of energy.

 For example, last April, tech giants Apple and Google announced that their operations are already running on 100 percent renewable energy. Fortunately, other firms are also stepping up and working double time to source their power needs from greener sources of energy.

 In fact, there are more than 100 influential global companies who have publicly committed to 100% renewable energy through the RE100 initiative. This collaboration of the world’s biggest brands, mostly tech companies was launched in 2014 and have ever since been working on achieving their goals of powering up their operations with renewables.

Last year, other influential non-tech companies have also joined the drive to use greater RE  such as General Motors, Kimberly Clark, General Mills, Starbucks and Target. In total, some 2.78 gigawatts worth of renewables were bought by the RE100’s members in 2017.

These large global brands remain relentless in their pursuit of achieving their targets. This year, members of RE100 are set to break their record by purchasing 1.96GW of renewables. If sustained, corporate RE buying could surpass the peak of 3.12GW recorded in 2015 as reported by the Business Renewable Center.

 One of RE100’s members, Microsoft also made the headlines this April by announcing the largest solar power deal in the US corporate history after buying some 315 megawatts from sPower. The purchase will power the tech firm’s datacenter and cloud business operation in Virginia. To date, Microsoft has already invested a total of 1.2 GW of RE, an amount that can light up roughly 100 million bubs

The declining costs of renewables and companies’ desire for a sustainable energy solution are what drive big business to commit and purchase cleaner forms of energy according to  Kevin Haley, marketing manager at the Rocky Mountain Institute’s Business Renewable Center. “The corporate renewables market is now seeing deals from all industry sectors…… they believe they need to be part of the sustainability solution.”

Addressing climate change is just one of the reasons why large global brands are signing up for more RE purchases. There’s another reason: cost-effectiveness.

These brands’ leadership recognize that sustainable sources of energy will save them money in the long run.  Business leaders understand that choosing to invest in RE will save them money as it eliminates the risk of price volatility of fossil fuels.

 For example,  Urs Hölzle, Senior Vice President, Technical Infrastructure of Google stressed that  “Electricity costs are one of the largest components of our operating expenses at our data centers, and having a long-term stable cost of renewable power provides protection against price swings in energy.”

Autodesk’s President and CEO, Lynelle Cameron echoes the view of Hölzle when she said: “By powering our business with 100% renewable electricity we will not only reduce our carbon footprint but give ourselves a competitive advantage as we protect ourselves against future rises in energy costs.”

For years, I have been trying to convince a great number of people that RE is not necessarily the more expensive energy option. It is refreshing to know that big businesses around the world share my views.

Sadly, many in the Philippines fail to recognize the benefits of renewable energy and still subscribe to the notion of the least cost option, which only considers the upfront costs. We are still caught in the belief of many energy planners and even our regulators that RE will cost us more, and refuse to realize that price spikes and depletion of fossil fuels will set us back.

Lowering energy costs while saving the environment are the two benefits of choosing greener power. Global companies and governments around the world are already seeing the potential of renewable energy and making big bets on cleaner forms of power as RE technology prices drop fast. What else can we do to convince many Filipinos that RE is the key to sustainable and cheap energy?

References:

 https://www.cnet.com/news/renewable-energy-solar-wind-lures-us-big-businesses/

 https://www.weforum.org/agenda/2018/04/microsoft-just-signed-the-largest-corporate-solar-agreement-in-us-history/

 ACCELERATING CHANGE: how corporate users are transforming the renewable energy market. RE 100 Annual Report 2017

 

 

100% Clean and Profit Maximizing

 

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Apple’s headquarter running on renewables. Photo c/o Forbes.com

 

Tech giants Apple and Google are now 100% powered by renewable energy.

Google hit the goal early this April after confirming that the firm’s RE purchases exceeded the amount of energy the company used for operations worldwide in 2017. “For every kilowatt-hour of electricity we consumed, we purchased a kilowatt-hour of renewable energy from a wind or solar farm that was built specifically for Google,” Google Senior Vice President Urs Hölzle proudly announced.

Google is the largest corporate buyer of RE worldwide. Its vow of going 100% renewables started as early as 2010. By 2015, the tech firm was able to source 44 percent of its power needs from renewables.

Apple is not far behind. Less than two weeks after Google’s announcement, the iPhone maker proudly told the world that its global facilities spread across 43 countries are now running on 100% renewable energy. Apple has been rapidly increasing its use of RE in the last few years as it started sourcing 16% from green energy in 2010 until reaching 96% in 2016. Its data centers have been running 100% on RE since 2014.

“We want to put new, clean power on the grid so that we’re not sucking up all the clean energy that’s there,” said Apple VP of environment, policy, and social initiatives Lisa Jackson said in an interview.

Google and Apple are not the only large global companies opting to go for clean energy. Some 130 big brands like General Motors, Wal-Mart, Nike, and Ikea, just to name a few have vowed to use 100% renewable energy under the RE100 initiative.

These big brands’ choice of sourcing their power needs from RE is not surprising. After all, as our teachers in economics taught us, all firms are profit maximizing. It does indeed make business sense to choose renewable energy.

Perhaps, our regulators and even some of the local industry players should take notice of how and why big global firms are betting on renewable energy. As I have been saying for some time now, fossil-fuel powered plants are not exactly the least cost.

These global firms choose to go renewables as part of their commitment to save the planet and also to save money. These companies are reducing their financial risk of having to pay more for their power bills in the future by reducing if not eliminating their dependence on traditional sources of power. This is the same observation of Bloomberg New Energy Finance Analyst, Kyle Harrison when he said: “It gives them stability into what they’re paying for their energy prices, but it also gives them the potential to save money in the longer term.”

Many of the global brands’ management understand the risk of relying heavily on traditional sources of power knowing that commodity prices are unpredictable. These big brands do not want to be vulnerable to commodity price surges, so they diversify their energy mix to hedge against potential increases in world prices. They know that the least cost is not about looking at the upfront costs alone, but rather, also computing the price they will need to pay in the future for the costly consequences of factors beyond their control such depletion of fossil fuels, price spikes, and foreign exchange fluctuation, to name a few.

Plus, of course, the falling cost of RE technology makes going 100% renewable more cost-effective. The price of solar photovoltaic systems alone have dropped by 73 percent since 2010 and will fall further by 2020 according to IRENA.

Surely, these global firms will be grateful to have made the shift to RE when they see their financials in the future. Going renewable makes business sense. And the Philippines could do well by following the footsteps of these global companies instead of sticking with traditional forms of energy.

References:

https://www.forbes.com/sites/energyinnovation/2017/01/26/clean-energy-is-at-the-core-of-american-strategic-interests/#1dc0d6225765