Amid the undeniable reality of climate change, “there is no other way than net zero,” one of the leading drivers of climate action in the Philippine private sector emphasized at the country’s first-ever annual net zero conference, attended by to an estimated 400 participants from companies, policy bodies, financial institutions and other stakeholders.
Federico Lopez, chairman and CEO of First Philippine Holdings Corp., the parent company of Energy Development Corp. (EDC), opened the event with a keynote message that underlined a multi-sectoral approach to policy, financing and innovation in addressing the country’s decarbonization goals.
“While tackling the climate crisis may seem like such a monumental task, we remain optimistic and encouraged as we see countless sectors of society coming together and taking collective action,” he noted.
One such critical effort is the Net Zero Carbon Alliance (NZCA), the pioneering consortium of Philippine companies and corporations convened by EDC, the all-renewable energy arm of Lopez Group’s First Gen Corp. The launch of the Net Zero Conference coincided with the NZCA conference. third anniversary.
“Our mission [at the Lopez Group] forging collaborative pathways to a low-carbon and regenerative future continues to define our path, and we reaffirm our commitment to work with all stakeholders, including the Net Zero Carbon Alliance, to bring together more companies and organizations across all sectors to reduce our net achieve zero ambition,” Mr. Lopez added.
The conference held plenary sessions that focused on policy, financial and technological innovations as critical climate action strategies to achieve the country’s Nationally Determined Contribution (NDC) to the global mission of achieving net zero by 2050.
Representative Jose Manuel F. Alba of the 1st Bukidnon District was one of the special guests at the event, as 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 in decarbonising the economy through feasible and cost-competitive low-carbon investments.
In terms of financing, “the transition to net zero represents one of the biggest economic shifts of our time,” said Orkhan Mustafayev, senior advisor to the High-Level Champion on Business Engagement for COP29. He quoted the International Energy Agency (IEA) when estimating that the global net-zero trajectory will require investments in clean energy to reach $4 trillion annually by 2030.
In the Philippines, implementation of the NDC is estimated to require a total investment of about $72 billion, said Secretary Robert EA Borje, vice chairman and executive director of the Climate Change Commission. He therefore urged the private sector to see this as an opportunity to invest in green economy opportunities.
“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 has the capital, technology and innovation needed to drive low-carbon and climate-resilient development pathways.”
The event also included activities marking NZCA’s third anniversary, such as the signing of the new partners’ commitment to net zero, the launch of the Net Zero Stages of Progress and the announcement of the achievements of the current partners in decarbonization.
As of the conference, the NZCA had 34 partner members from various sectors and businesses, such as manufacturing, real estate, hospitality, information technology, mobility, finance and academia, as well as five partner organizations.
The 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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