Amid the undeniable reality of climate change, “there is no other way to go but net zero,” emphasized one of the leading movers of climate action in the Philippine private sector at the country’s first-ever annual conference on net zero, which was attended by an estimated 400 participants from businesses, policy-making bodies, financial institutions and other stakeholders.
Federico Lopez, chairman and chief executive of Energy Development Corp. (EDC) parent First Philippine Holdings Corp., opened the event with a keynote message that underscored a multi-sectoral approach of policy, funding and innovation in tackling the country’s decarbonization goals.
“While addressing the climate crisis feels such a daunting task, we remain optimistic and encouraged as we see a myriad of sectors of society coming together and taking collective action,” he remarked.
One such vital effort is the Net Zero Carbon Alliance (NZCA), the pioneering consortium of Philippine businesses and enterprises convened by EDC, the all-renewable energy arm of the Lopez Group’s First Gen Corp. The launch of the Net Zero Conference coincided with NZCA’s third anniversary.
“Our mission [at the Lopez Group] to forge collaborative pathways to a decarbonized and regenerative future continues to guide our path, and we reaffirm our commitment to work together with all stakeholders, including the Net Zero Carbon Alliance to rally more businesses and organizations across all sectors to achieve our net zero ambition,” added Mr. Lopez.
The conference conducted plenary sessions that focused on policy, finance and technological innovations as critical climate action strategies in order to achieve the country’s Nationally Determined Contribution (NDC) to the global mission of attaining net zero by 2050.
Representative Jose Manuel F. Alba of the 1st District of Bukidnon as one of discussants on the opening plenary session: Strengthening resilience: Scaling the Philippines’ net zero ambitions.
Representative Jose Manuel F. Alba of the 1st District of Bukidnon was one of the special guests at the event, being a member of the House Committee on Climate Change and co-author of House Bill 7705 or the Low-Carbon Economy Bill. The legislation aims to engage the private sector toward decarbonization through viable and cost-competitive, low-carbon investments.
In terms of financing, “the transition to net zero represents one of the largest economic shifts of our time,” said Orkhan Mustafayev, Senior Advisor to the High-Level Champion on Business Engagement for COP29. He cited the International Energy Agency (IEA) in estimating that the global net zero journey will require clean energy investments to grow to US$4 trillion annually by 2030.
In the Philippines, implementing the NDC will require an estimated total investment of around USD 72 billion, according to Secretary Robert E.A. Borje, vice-chairperson and executive director of the Climate Change Commission. Thus, he urged the private sector to see this as an opportunity to invest in opportunities in a green economy.
Secretary Robert E.A. Borje, Vice Chairperson and Executive Director of the Climate Change Commission with the delegates of the first Philippine Net Zero Conference after his closing remarks.
“Our country is well-positioned to benefit from the transition to a low-carbon economy, and the private sector has a crucial role to play in driving this transformation,” said Mr. Borje. “The private sector possesses the capital, technology and innovation necessary to drive low-carbon and climate-resilient development pathways.”
The event also included activities that marked NZCA’s third anniversary, such as signing the new partners’ pledge of commitment toward net zero, launching its Net Zero Stages of Progress, and the release of its current partners’ decarbonization accomplishments.
Companies joined NZCA as new Partner-Doers committed to going net zero.
As of the conference, NZCA has counted 34 partner-members from various industries and enterprises such as manufacturing, real estate, hospitality, information technology, mobility, finance, and the academe, as well as five partner-enabler organizations.
Its new partners include Calibr8 Systems, Coca-Cola Beverages Philippines, Inc., Container Living PH, Control Union, De La Salle-College of Saint Benilde, Inc.,First Philec, Fluor Daniel Inc., GHD Pty. Ltd., Hocheng Philippines Corporation, InterCharge Corporation, OCS Philippines, SLB, and Weave Solutions Inc.
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