With strong backing from the investing community and donor agencies, the Department of Energy (DoE) will be seeking the next Congress’ imprimatur for the passage of a new law that shall promote energy efficiency (EE) and energy conservation (EC) initiatives.

The energy department emphasized that the proposed EE&EC regulatory framework will be the country’s policy pathway at abating its contribution to greenhouse gas (GHG) emissions – pointed to as major menace to global warming.

In simpler terms, energy efficiency measures will save the country longer from putting in additional power capacity, while also incentivizing investors into putting in cleaner technology applications in their proposed projects – be it in the power industry or the transport sector.

In fact, in the view of global energy leaders, energy efficiency and conservation top the list of measures that can slow down dreaded carbon dioxide (CO2) emissions.

While renewable energy (RE) is also in the menu of options, this has just been ranked fourth by global leaders given that it entails massive capital infusion and that grid integration of some energy sources still pose formidable challenges.

The Philippines is seen taking head start on EE initiatives, especially with the recent credit line allotment of $250 million Clean Technology Fund (CTF) that interested investors can tap into.

As commercial bank lending to both EE and RE projects are still considered “fledgling”, the government recognizes the need to offer innovative financial products to address the financial sector’s reluctance to lend to project proponents.