MoU signed for sustainable energy transition in the Philippines

Aboitiz Power Corporation (AboitizPower) has signed a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC) to advance sustainable energy transition in the power sector of the Philippines.

As per the MoU, AboitizPower and JBIC jointly aim to enhance initiatives for emissions reduction, introduce advanced transition technologies like liquefied natural gas (LNG), and accelerate the development of renewable energy (RE) in the country. In line with the Philippine government’s commitment to a 75 per cent reduction in greenhouse gas (GHG) emissions by 2030, AboitizPower is aiming to achieve 50 per cent RE, which is equivalent to 4,600 MW of electricity generation.

Additionally, the MoU also aligns with the Asia Zero Emission Community (AZEC), a framework for energy transition in Asia introduced by the Government of Japan.