The Philippines is sitting on vast renewable energy potential of more than 250,000 megawatts of power that can save money, generate jobs and make electricity available and affordable to more Filipinos, Greenpeace said in a report on Wednesday.
The economy stands to benefit from massive renewable energy investments and does not need to rely on outdated and destructive fossil fuels, according to the report titled “Green Is Gold: How renewable energy can save us money and generate jobs.”
At a press conference in Quezon City, Greenpeace launched the report, in which the group sought to debunk notions that renewable energy technology was expensive and not economically viable.
“It will make the cost of electricity more economical, generate growth for the country while posing fewer risks to the environment and people, and contribute to energy independence,” said Von Hernandez, executive director of Greenpeace Southeast Asia.
Greenpeace said the country’s RE potential was estimated at 261,000 megawatts, which “remains untapped, with investors now moving to other markets in the region, having been locked out by coal projects in the pipeline.”
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