Philippines and Indonesia lag behind in efforts to decarbonize and PacifiThe World Bank (WB) said in a report that C is due to their reliance on dirty energy.
The bank said the two countries should consider eliminating fossil fuel subsidies and implementing carbon taxes or green subsidies.
Decarbonization of its “Green Technology in East Asia and PACI” in DecarbonizationfiThe bank said the region’s decarbonization progress was uneven, but the carbon intensity in most economies has declined due to the increase in energy EFfiefficiency.
“However, this progress has been partially offset by countries like Indonesia and the Philippines, whose energy integration has become even more dirty,” it said.
The Philippines’ greenhouse gas emissions were 204.33 carbon dioxide equivalent in 2020, down 12.3% from the 2015 level.
However, the Philippines still relies heavily on fossil fuels to generate electricity.
The Philippines hopes to increase its share of renewable energy in the power generation portfolio to 35% by 2030 and 50% by 2040.
The World Bank also pointed out that Vietnam’s carbon intensity continues to increase, but its energy is EFfiIn the past few decades, efficiency has not improved.
Meanwhile, China has the most emission intensity, but the surge in its total emissions suggests that “dirty sources drive output growth beyond the decarbonization process of the economy.”
The World Bank urges economies to get rid of distorted policies such as fossil fuel subsidies and barriers to trade and investment.
“Complete measures – such as assistance to low-income incomefiIts fuel subsidies and training for workers in fossil fuel industry will enhance economic benefits and reduce the political difficulties of reform. ”
In 2024, private investment green projects fell 12% to $1.28 billion.
The report said the decline in waste management and green cement projects offset additional investment in solar and wind projects.
In SEA-6 (Southeast Asia 6), composed of Thailand, Malaysia, Singapore, Indonesia, the Philippines and Vietnam, the Philippines accounts for only 16% of the total investment.
The bank also touts the “win-win” potential of addressing domestic market failures. These include imperfect information, limiting green credit and lack of coordination, which limits investment in green infrastructure.
It urges economies to “induced impossible technology adoption through carbon taxes or green subsidies.”
“How far the region is willing to go in this respect depends on the commitments already made and the benefits gained through emissions cuts, aid and technology transfers,” it said.
In February, Congress approved House Bill 11375 for the second reading. The bill creates a carbon pricing framework for companies. – Aubrey Rose A. Inosante
