The Philippines believes it will still be able to benefit from the Asian Development Bank’s (ADB) transformation as the region’s climate bank, according to the Bangko Sentral ng Pilipinas (BSP). Know more:
INCHEON, South Korea—The Philippines believes it will still be able to benefit from the Asian Development Bank’s transformation as the region’s climate bank, according to the Bangko Sentral ng Pilipinas ., BSP Governor Felipe M. Medalla said the Philippines is committed to transition to renewables and would still need support in this regard.
“So clearly we need financing to make this transition to renewables; to find good financing for the transition to renewables. In the past, I guess we were reluctant to make the shift because renewables were quite expensive but I think the technological changes made renewables competitive,” the central bank governor added.
He emphasized that all traditional projects that ADB used to finance will not see a reduction in financing except for projects that deal with fossil fuels. It can be noted that Asakawa stressed on the first day of the Annual meeting that the ADB will no longer finance any new coal projects. “If you really want to eliminate fossil fuels completely, you [cannot] do it without relying on nuclear power. I think sooner or later, we would have to enter that debate,” Medalla told theThis is because, Medalla said, scientists have pointed out that the best non-fossil fuel complement to renewable energy is nuclear power. He said renewables, despite the benefits, have “particular problems.”
“But I think the Department of Energy has a good plan that allows increased use of renewable energy without sacrificing cost and stability,” Medalla, nonetheless, said. However, the Marcos administration first intends to conduct “rigorous scientific studies” before it allows investments in nuclear power plants.
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