Coal news and updates

“Crash in Ph Mining stocks this morning. There go the coal plants too. Can’t look.” 

 

These were the words tweeted by Manny Pangilinan, the CEO of the Philippines’ biggest utility Meralco, which heavily invests in coal plants. Mr. Pangilinan is one of the top business tycoons in the country and his tweet was in reaction to incoming President Rodrigo Duterte’s announcement that environmentalist Gina Lopez had been offered the position of Secretary of the Department of Environment and Natural Resources (DENR). His Tweet is just a glimpse of the degree of reaction from the mining and coal industry to this development and the possibilities that are likely to unfold. 

 

Ms. Gina Lopez is a well-known environmentalist and vocal anti-mining advocate. In recent times she has lent her voice and support to affected communities and the broad movement in calling for the phase-out of coal plants and coal mining in the country. 

 

In one of her live interviews after officially accepting the offer to head DENR, Ms. Lopez candidly criticised coal use in the country. She argued against using coal when there is an abundance of solar, wind, and geothermal energy in the country, and against the use of an outdated and dirty energy source which many countries are already phasing out. 

 

The DENR is a crucial agency for those wishing to construct new coal plants. No project can move forward without an Environmental Clearance Certificate (ECC) from the Department, therefore Ms Lopez’s appointment signals grave days for the coal industry in the country. 

 

This development follows last week’s launching of an all-encompassing energy policy review being spearheaded by the country’s Climate Change Commission. The review intends to develop a clear policy on coal-fired power plants. 

 

Under the previous government, proposals for coal plants and coal mines blossomed in the country, with 59 coal plants and 118 mine permits at various stages of approval. This has generated huge opposition in the country and sparked a national debate about the country’s energy pathway going forward. 

 

The Climate Change Commission asserts that “transitioning away from coal is a cost-effective path to a low-carbon economy” for the country. And that “while the Philippines is not a major emitter of GHG, it cannot allow its economy to grow with the ways that triggers the climate crisis, which affects the country and other vulnerable nations.” 

 

The Philippines is at a crossroads as to whether it will pursue the previous government’s high-carbon path, or change course to tap the large potential of renewable energy in the country and align itself in accordance with its commitment to the Paris Climate Agreement to limit global warming to below 1.5 degrees.

Source: huffingtonpost.