The key phrase in the statement of commitment by all nations was changed by the producers and major users of fossil fuels from “phasing out fossil fuel” to “transition away from fossil fuel.” This last phrase is weaker and less urgent. Many protested, but in the end, the delegates called it a historical breakthrough. It was, they said, the “beginning of the end of the fossil fuel era.”
Fossil fuels are the main energy source to generate electricity for the world’s industrial economy. They are the main cause and source of CO2 emissions that cause global warming and ever-increasing deadly and destructive climate change.
Was COP28 (the 28th United Nations Climate Change conference, held from 30 November to 12 December in Dubai) the beginning of the end of the fossil fuel era? It is unlikely. The pledges and promises are unenforceable. The fossil fuel lobby and corporations are giving lip service to the lofty goals of the climate conference. It is hard to believe that the oil corporations and oil-producing nations would “transition away” from such a rich source of revenue, the basis of their political and economic power.
Subsidies to the oil industry have increased from US$2 trillion to US$7 trillion. All this is a monumental act of hypocrisy and a gross contradiction. For them, COP28 is just part of the global game of “say one thing, but do the opposite.”
The Philippine archipelago is blessed with natural resources ideal for renewable energy production: sun, wind, geothermal, hydro, and biomass. They just need to be harnessed extensively to produce all the electricity needed for Filipinos to have low-cost electricity.
Despite a law encouraging such investments (Republic Act No. 9513), progress is slow due to government corruption. It is alleged that some government regulatory agencies are denying permits and demanding payoffs.
There are 28 coal-fired plants in the Philippines; many are somewhat new, and the 25-year life span has a long way to go for most before they can be phased out and the investors get their money back with profit. New ones are on hold, thanks to the global and local outcry against more Philippine coal plants.
New deals to promote renewables and retire coal plants are through a new approach called The Coal to Clean Credit Initiative (CCCI). This is a new initiative by experts and Ayala’s ACEN group of energy companies. They are being advised and encouraged by the Rockefeller Foundation and the Monetary Authority of Singapore. ACEN will soon announce its progress in working out the world’s first coal-to-clean-energy project in the Philippines.
