The Department of Energy (DOE) in the Philippines has announced that certifications for projects exempt from the coal moratorium will facilitate securing funding for energy projects. DOE Secretary Raphael Lotilla stated that projects committed before the moratorium was implemented in 2020 are allowed to proceed, thereby ensuring that these initiatives can continue to receive financial backing [3858015f].
In a related clarification, the Bangko Sentral ng Pilipinas (BSP) confirmed that financing for these excluded coal projects is permissible under the Sustainable Finance Taxonomy Guidelines. This development highlights the government's recognition of the need for a balanced energy mix to support economic growth [3858015f].
Lotilla emphasized that additional power generation is essential to support a projected 6% GDP growth in the Philippines. He noted that while renewable energy sources are crucial for the country's energy future, they alone cannot meet the increasing demand, thus necessitating the continued use of fossil fuels, including coal [3858015f].
This move comes amid ongoing discussions about energy policy in the Philippines, where the government is striving to balance the transition to renewable energy with the immediate need for reliable power sources to sustain economic growth. The exemption certifications are seen as a critical step in ensuring that the energy sector can meet both current and future demands without compromising financial viability [3858015f].