RP needs US$1.6 billion to cut carbon emissions

The Philippines needs US$1.6 billion to reduce carbon dioxide emissions by up to 40% and contribute to global efforts in arresting climate change, the results of a study by the Asian Development Bank (ADB) said in late April. The 253-page report, titled “The Economics of Climate Change in Southeast Asia: A Regional Review”, stated that the country had the potential to cut up to 89 metric tons of carbon dioxide, or 40% of total emissions, by 2020. In order to cut emissions, the Philippines would need an investment of US$1.6 billion, close to 0.6% of its gross domestic product (GDP), in 2020. According to ADB, the Philippines’ potential to reduce greenhouse gas emissions would be possible mainly through a combination of fuel switching from coal to gas-based power generation and improving energy efficiency in power plants. In addition, mitigation of carbon emissions is also possible through wider use of high efficiency air-conditioning and television in the residential and commercial sector and diffusion of bioethanol use, plus efficiency improvements in the transport sector. (April 28, 2009)