President Ferdinand R. Marcos Jr. joined other leaders comprising the Asia Zero Emission Community (AZEC) on Monday in making a commitment to adopt various measures toward decarbonization to address climate change, a common global challenge.
In the AZEC Leaders’ Joint Statement released in Tokyo, they pledged to advance cooperation toward carbon neutrality and net zero emission with the end goal of maintaining the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels.
Recognizing Asia, particularly the ASEAN region, as the engine of the global economy that requires big energy demand, the leaders agreed to promote decarbonization towards carbon neutrality while also achieving economic growth.
“We welcome the outcome of the first Asia Zero Emission Community (AZEC) Ministerial Meeting held in March 2023 in Tokyo, which set up these common understanding among partners countries,” the leaders said in the joint statement, adding that they will promote cooperation through the AZEC platform.
The leaders also agreed to promote policy support and collaboration in tangible projects through tailored approach towards decarbonization with the use of various technologies such as heat pumps, scaling up renewable energy, energy storage, regional interconnectivity and improving grid flexibility, as well as the use of nuclear energy, including small modular and other advanced reactors.
Other means include the use of hydrogen and its derivatives, electrolyzer technology, biomass and carbon capture utilization and storage (CCUS) across sectors and industry, recycling of common minerals while promoting electrification and fueling switching, and the use of liquified natural gas (LNG).
Reliable renewable-based micro-grids will also be deployed to remote islands and peroskite solar cells, and offshore wind power will also part of the mix, in addition to the adoption of technologies such as electric vehicles (EVs), biofuels and hydrogen and its derivatives.
The leaders also agreed to foster public-private partnerships (PPPs) and cooperation among private sectors to accelerate energy transitions through the creation of specific energy transition projects.
“In this regard, we welcome activities to promote public-private cooperation in partner countries such as those in AZEC Advocacy Group, AZEC/GX Promotion Working Team in Vietnam, AZEC Japan-Indonesia Joint Task Force in Indonesia and Cleaner Energy Future Initiative for ASEAN,” the leaders said in the joint statement.
The AZEC community also affirmed the importance of adequate financing to support the acceleration of energy transitions in the region, highlighting the necessity for transition finance as a financial instrument to achieve whole-of-economy transition in the energy sector.
At the same time, they also recognized the importance of promotion and implementation of high integrity carbon markets and crediting schemes such as through collaboration models, but not limited to the Joint Crediting Mechanism (JCM).
The leaders also welcomed collaboration with all other countries within and beyond Asia that wish to support the region’s energy transition and energy security, recognizing the importance of reaching out to countries through existing bilateral frameworks.
President Marcos made a separate commitment on Monday to promote and shift to clean energy during the AZEC Leaders’ Meeting in Tokyo, as he invited AZEC Partners to invest in the renewable energy industry and emerging technologies in the Philippines, and introduce energy efficiency and conservation measures in the country.
In his statement, the President said that the Philippines is joining its AZEC Partners in recognizing the need to accelerate a clean, sustainable, just, affordable and inclusive energy transition towards carbon neutrality, or net-zero emissions.
AZEC is a platform consisting of Asian countries that promotes the reduction of greenhouse gas (GHG) emission in Asia while supporting a sound economic growth in the region. | PND
