Press Release
November 5, 2009

ANGARA ADDRESSES KOREA R.E. SUMMIT: INVEST IN RP

Seoul, Korea - Pushing for deeper regional cooperation and stronger partnerships with South Korean government and private firms, Sen. Edgardo Angara is delivering a keynote address today at the Korea-Philippines Economic Cooperation Forum for Green Growth Conference, highlighting opportunities for renewable energy and technological investments into the Philippines.

"Regional cooperation is the way to go, if we are going to commit to the building of a sustainable future based on green industries. And what we are doing here now, proceeding with green growth in terms of an economic cooperation is the correct environmental policy approach to take, where significant programs focused on introducing competitive processes and building incentives for innovation is the best foundation for our shared success," said Angara.

Angara expressed support of Korea's initiatives in leading the reduction of carbon emissions in the East Asian region. Through the Seoul Initiative, Korean President Lee Myung-bak called for "Low Carbon Green Growth" as a vital part of Korea's national vision for the next 60 years. The Republic of Korea is pushing to expand markets for environmentally friendly products and services by introducing policy measures such as green taxes, green public procurement and eco-labelling.

"The Seoul Initiative is groundbreaking not only because of its new paradigm where economic growth does not necessarily equal increased greenhouse gas emissions but also gives Asia the opportunity to lead the world out of the current economic recession…in an environmentally sustainable way, and by initiating new industries where the region can create new, exciting jobs for its people. The Seoul Initiative is an inspiration by which we can build a sustainable, enduring and green platform for regional cooperation," emphasized Angara, Chair of the Congressional Commission on Science and Technology and Engineering and author of the Renewable Energy Law.

In terms of Clean Development Mechanism (CDM) initiatives, Angara cited that as of August 2008, India leads the way with 30%, China second with 22%, and both Korea and the Philippines have 2% share each of an almost US$ 10 Billion market. But with proactive steps currently taken, beginning with this Economic Cooperation Forum for Green Growth, technologies acquired through CDM projects can now be used to develop indigenous resources and local expertise to drive domestic and global markets toward green growth.

Angara added, "For this to actually happen, closer cooperation is essential, and we have the advantage of the Asia-Pacific Economic Cooperation (APEC). Now with this forum between our two countries, we are assured of technology-transfer and economic support systems, and of course, the commitment to follow through with this initiative…The Korean commitment to Green Growth is something the Philippines would be very proud to emulate, with full-out government support of renewable energy research and development (R&D), increasing government investments up to 20% by 2050."

According to the 2008 Global Energy Revolution: Global Sustainable Energy Outlook, the average investment in the power sector worldwide for the next three decades could reach US$ 590B per year. The same study identified the Philippines among the 'hot spots' of new power generation investment, along with China, North America, Europe, Indonesia and Thailand.

Renewable energy in the Philippines reached US$71 billion investments in new capacity. Under the Renewable Energy Policy Framework adopted in 2003, the country will double RE capacity in 10 years. Angara submitted that the Philippine government's goal is to give RE the biggest share in the country's power mix, reaching as much as 50% by 2020. This yields opportunities for regional and global investors; and partnerships for education, scholarships, research and development and technological innovations, especially in the ASEAN.

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