Powering the Future: Accelerating Grid Modernization for Energy Security and Sustainable Development

As a developing country, the energy sector plays a crucial role in meeting the power and electricity needs of the growing population and increasing economic activities. Notably, the Philippines has historically relied heavily on fossil fuels, particularly coal, accounting for about 58% of the country's energy mix in recent years. However, recognizing the urgency to address climate change, global warming, and their associated risks, the country has grown in demand for clean and sustainable energy sources.

While significant progress has been made in expanding renewable energy access, there are still challenges to the energy transition that the country faces. Funding for renewables, especially for medium-sized developers, remains challenging. Electric cooperatives and distribution utilities face challenges in shifting power sources or integrating their renewable power due to existing long-term contracts and bottle necks. Moreover, the current grid infrastructure is not adequately equipped to accommodate the increased penetration of variable renewable energy sources.

Despite these challenges, the Philippines is still making significant progress, particularly in the mainstreaming of renewable energy (RE) technologies, driven by the private sector's investments and the national government's push for a sustainable and low-carbon energy transition.

By increasing the share of renewable energy in the energy mix, the Philippines can achieve a more inclusive, sustainable, and resilient energy system. This would allow the sector to significantly contribute to the national goal of reducing greenhouse emissions by 75%. Moreover, integrating a distributed and decentralized renewable energy system can provide cost-effective and sustainable electricity solutions, particularly in remote and underserved communities. This system, when integrated with energy storage technologies, can provide fast backup power during calamities, enhancing the resilience of the energy supply.

In this context, the Stratbase ADR Institute, and its partner, the Philippine Business for Environmental Stewardship (PBEST), are organizing a roundtable discussion, carrying the theme, "Powering the Future: Accelerating Grid Modernization for Energy Security and Sustainable Development" on 13 November 2023, Monday, from 9:00 AM to 11:00 AM (PHT). This event will be held at the Don Jose Yulo Caseroom of theAsian Institute of Management (AIM) Conference Center, Makati City.