A Philippine Perspective on Renewable Energy at the SEA Green Economy Roundtable

Below are the key insights from the report presentation: 

• Hardcastle discussed how vital it is to understand the shifting priorities of the green economy, particularly the balancing of energy affordability, security, and sustainability. He noted that energy security has become a much higher priority at present. 
• Demand for electrification and green power will continue to grow, with Hardcastle stating that the region will have roughly three times the electrification demand that we have seen in the previous five years. This indicates a strong desire for new power-enabled investments, posing challenges for the grid. 
• Hardcastle highlighted the Philippines’ progress in the green economy, specifically in renewables. He described the country as punching above its weight, attributing its success to a well-positioned market environment, foreign investment, and geothermal potential. 
• Beyond the positive progress undertaken by the region, Hardcastle also reported on the region’s cancellation rates of 35% to 60%. He emphasized that the region requires execution and delivery on planned projects.
• Hardcastle credited uncertainty about policies and tariffs, energy constraints around the grid, and other bottlenecks as factors for why it can be difficult to move forward with the scale of renewable investments and other projects that the countries in the region had wanted.

Hardcastle concludes his presentation by reiterating the importance of sustainability, stating: “Sustainability today needs to find a way to go forward with business with an economic incentive and to do that in a way to let capital go through. The secret to being able to do that is the right sort of environmental policy around the grid and other things.”