Energy chief asks World Bank to boost green financing


Posted at Jun 08 2023 03:26 PM

MANILA - Energy Secretary Raphael Lotilla said the World Bank needs to step up its support for the Philippines' goal to shift to cleaner energy.

Lotilla thanked the World Bank for the launch of its Philippines report on ‘Securing a Clean Energy Future’ but added that the country needs more help to help it shift to cleaner energy. 

“The green transition or the climate transition or securing a clean energy future must be a just and fair transition. That means that transition financing, or climate financing or call it by any other name, such financing should be available to the country,” asserted Lotilla.

The Philippines' Energy chief was the guest speaker at a forum organized by the World Bank, attended by many of its officials including Country Director Ndiame Diop.

Lotilla noted that the Philippines is not included in the Just Energy Transition Partnership (JETP) program, which helps developing countries dependent on coal to shift to renewable energy. 

“In the case of the Philippines which reformed its power industry 20 years ago by privatization and by unbundling, unfortunately, we are not part of any Just Energy Transition Partnership that have already been put in place,” said Lotilla. 

He said the country needs help to reach its full potential. 

“The time for investing in transmission is now and this is an ongoing conversation that we have with the World Bank, with the Asian Development Bank and I hope they will catch up with us,” Lotilla added.

At the same event, Denmark’s Ambassador to the Philippines Franz-Michael Melbin voiced support for the country. Denmark is also investing in energy projects in the Philippines.


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