Among the reality of climate change, ‘There is no alternative but net zero’

Amidst the undeniable reality of climate change, “there is no other way we can go but net zero,” emphasized one of the leading climate changers in the Philippine private sector at the country’s first annual net zero conference, which was attended. with approximately 400 participants from businesses, policy makers, financial institutions and other stakeholders.

Federico Lopez, chairman and CEO of Energy Development Corp. (EDC) the original parent of First Philippine Holdings Corp., opened the event with an important message emphasizing the multi-sectoral approach of policy, financing and innovation in addressing the country’s decarbonization goals.

“While we are dealing with the climate crisis, we feel that it is such a difficult task, we are always hopeful and motivated as we see a number of public bodies coming together and taking joint action,” he said.

One such important effort is the Net Zero Carbon Alliance (NZCA), a pioneering coalition of Philippine businesses and enterprises convened by EDC, the renewable energy division of First Gen Corp of the Lopez Group. The launch of the Net Zero Conference coincided with NZCA’s. the third year.

“It’s our job [at the Lopez Group] Building partnerships towards a renewable and renewable future continues to guide our path, and we reaffirm our commitment to work with all stakeholders, including the Net Zero Carbon Alliance to bring together more businesses and organizations across all sectors to achieve our overall ambition,” added Mr. Lopez.

The conference held several sessions focusing on policy, finance and technological innovation as key climate action strategies to achieve the Nationally Determined Contribution (NDC) in the global campaign to achieve zero by 2050.

1st Representative Jose Manuel F. Alba^St The District of Bukidnon was one of the special guests at the event, a member of the House Committee on Climate Change and co-author of House Bill 7705 or the Low Carbon Economy Bill. The law aims to engage the private sector in decarbonisation through efficient and cost-effective, low-carbon investments.

Regarding financing, “the transition to zero represents one of the biggest economic changes of our time,” said Orkhan Mustafayev, Senior Adviser to the High-level Champion of Business Engagement of COP29. He cited the International Energy Agency (IEA) in estimating that global travel will require investment in clean energy to grow to US$ 4 trillion annually by 2030.

In the Philippines, implementing the NDC will require a total investment of approximately USD 72 billion, according to Secretary Robert EA Borje, vice chairman and executive director of the Commission on Climate Change. In that way, he urged private companies to see this as an opportunity to invest in order to develop the country’s economy.

“Our country is in a good position to benefit from the transition to a low carbon economy, and the private sector has an important role to play in driving this transition,” said Mr Borje. “The private sector has the capital, technology and innovation needed to develop low-carbon and climate-resilient development pathways.”

The event also included activities marking NZCA’s third year, such as the signing of new partners’ pledge to commit to net zero, the launch of the Net Zero Stages of Progress, and the release of current partners’ achievements in decarbonising.

Since the conference, NZCA has counted 34 partner members from various industries and businesses such as manufacturing, real estate, hospitality, information technology, travel, finance, and academia, as well as five partner enabling 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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