Capitalizing on LNG will improve PH’s energy supply, says think tank
Renewable energy stock photo
MANILA, Philippines — Capitalizing on the Philippine’s liquefied natural gas (LNG) industry will improve the country’s energy sustainability and supply, a think tank said.
According to Stratbase ADR Institute President Dindo Manhit, this will also provide more opportunities for infrastructure and technology development and jobs for Filipinos.
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“Aside from the energy stability and environmental benefits, developing LNG as a stable source of power will foster more infrastructure development, technology transfer, job creation, and trade, all of which will substantially contribute to the country’s overall economic growth and prosperity,” Manhit said in a forum organized by the Stratbase ADR Institute and citizen advocacy group Citizen Watch Philippines on Tuesday.
Under the Department of Energy’s National Renewable Energy Program, the country aims to target at least a 35 percent renewable energy share by 2030. The target will then increase to at least 50 percent by 2040.
Other local and international companies have also agreed with the push for more LNG expenditures in the country between the government and the private sector.
“Securing long-term energy supply as a reliable and flexible energy source will enable the country to deliver strong growth while completing its GHG (greenhouse gas) reduction plan,” Shahrukh Mirza, vice president of US-based oil and gas company ExxonMobil Corporation, said.
Global Business Power Corporation (GBPC), a Manila Electric Company Powergen Corporation subsidiary, said that the shift to LNGs will solve the country’s electric and power supply issues.
“The development of additional power plants, particularly LNG to power, is a strategic imperative for the Philippines. It is a crucial step towards meeting our fragile electricity supply, mounting power demand, and influx of VREs (variable renewable energy) to ensure a resilient, reliable, and sustainable energy supply in the next decade,” GBPC Chief Operating Officer Dominador Camu said.
Other companies have also set their sights on the country’s LNG potential as a source of economic growth.
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“The Philippines has a bright economic future ahead of it that will improve the lives of many Filipinos and we must secure it. We also acknowledge that although we are not a key contributor to climate change, we too must contribute to adjust energy transition,” Aboitiz Power Corporation Chief Corporate Services Officer Carlos Aboitiz said.
“With the advent of LNG in the Philippines, we are becoming part of a global energy ecosystem. The strongest economies are the ones where players take advantage of their homegrown resources to scale up and level up,” Donnabel Kuizon Cruz, Prime Infrastructure Capital managing director and general manager, added.
