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Owner of EDC decides to skip coal investments for geothermal

Owner of EDC decides to skip coal investments for geothermal Bacon-Manito geothermal field, Philippines (source: EDC)
Alexander Richter 23 May 2016

First Philippine Holdings and First Gen Corp., essentially owners of EDC, decide to stop investing into coal power generation and push forward with geothermal development, as well as wind, solar and hydro.

First Philippine Holdings Corp. along with unit First Gen Corp., the owners of Energy Development Company (EDC) have announced that they “would not invest in coal-fired power plants and called for a decarbonized economy.” as reported by The Standard in the Philippines.

FPH chairman and chief executive Federico Lopez made the announcement during the annual stockholders’ meeting of the company as he stressed the negative effect of emissions from coal-fired power plants in the environment.

“We are setting a higher bar for ourselves but, for us, it cannot be any other way. We will help power our nation’s growth ambitions yet achieve this in ways that recognize the need for a livable Philippines and a livable planet,” Lopez said.

“Today, let me state unequivocally and for the record that the FPH ad its subsidiaries will not build, develop of invest in any coal-fired power plant. I’m certain that without having to look too far, this country already has many alternatives that do not mortgage the future of our children and future of our planet,” Lopez added.

Instead of building coal-fired power plants, Lopez said the Lopez Group would push with the development of geothermal power plants, as well as renewable energy sources like wind, solar and hydro.

First Gen earlier asked the government to increase the share of renewable energy in the country’s power generation mix to 50 percent to counter the damaging effects of climate change.

Lopez said the remaining 50 percent of the generation mix could be shared by other sources including low-carbon emission power projects.

Lopez said the Philippines performed a crucial role in the recent COP 21 climate talks in Paris, chairing the Climate Vulnerable Forum an international partnership of countries highly vulnerable to climate change, and the V20?the group of finance ministers representing twenty of the most vulnerable nations in the world.

Source: The Standard