The Rockefeller Foundation has suggested a novel strategy for advancing the transition to clean energy in the Philippines, emphasizing meticulous planning by the recipient countries rather than relying solely on grand political gestures, which have often hindered international energy transition initiatives elsewhere.
According to the foundation, the Philippines, heavily reliant on coal for more than half of its electricity, requires immediate funding of US$9 billion to scale up renewable energy efforts, with projected costs soaring to US$165 billion by 2050, aiming for a 50% renewable energy share in power generation by 2040.
The foundation recommends establishing a Just Energy Transition Partnership (JETP), funding developing nations to transition to clean power. Unlike previous approaches, which began with high-level political deals, the proposed model suggests starting with government-led technical negotiations to craft a “nationally appropriate” investment plan.
The aim is to avoid past pitfalls marked by unrealistic expectations and misunderstandings.
Despite challenges faced by similar programs in other countries, including setbacks in South Africa and Vietnam, the Rockefeller Foundation believes its approach, outlined in a recent report, offers a clear path to success, with philanthropic funding potentially facilitating the launch of a “country platform” in the Philippines to draft and stress-test investment plans before engaging investors, aiming for long-term sustainability in the region’s energy transition journey.
