Press Release
August 25, 2009

Clean, Green, and Profit

Senator Edgardo J. Angara renews his calls in support for strengthened and institutionalized current efforts to implement and develop integrated energy program for the promotion, production, commercialization and utilization of renewable energy systems.

"The birth of renewable energy in the country couldn't be more delighting when renewables are now advocated not only by environmental activists but also by investors in the business world,' said Angara who currently chairs the Senate Committee on Science and Technology.

Business corporations in the Philippines can profit from renewable energy in two ways: by taking advantage of the Clean Development Mechanism (CDM) under the Kyoto Protocol as well as by availing of tax incentives set by the Renewable Energy act of 2008.

The Kyoto Protocol is an international treaty seeking to reduce the amount of greenhouse gases (GHG) such as carbon dioxide, methane, nitrous oxide, ozone, chlorofloro carbon and water vapor in the atmosphere to prevent climate change and global warming. The Clean Development Mechanism, on the other hand, is an arrangement in the Kyoto Protocol allowing industrialised countries to invest in projects that reduce emissions in developing countries.

The Clean Development Mechanism allows companies to earn Certified Emission Reduction (CER) credits, also called carbon credits, when they invest in renewable energy projects as well as in projects that help reduce the levels of greenhouse gases in the atmosphere.

The Philippines is now poised to harness other countries' technological and business experience and match them with the country's great renewable energy potential.

COMSTE, jointly chaired by Angara and Cavite Representative Joseph Emilio Aguinaldo Abaya - will hold an international forum on September 3-4 at Sofitel to bring advocates to discuss current and future technologies and investment opportunities.

"Given the political landscape from now until the May 2010 elections it is the best time to drum up awareness and significant concern and prioritization of presidential and other electoral candidates on the need to have a comprehensive and coherent national strategy for the promotion and utilization of our resources, I encourage everyone, all the stakeholders to take part in this significant and momentous event as we lead our country to a greener state," said Angara.

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