{"id":1438,"date":"2018-06-12T01:00:34","date_gmt":"2018-06-11T17:00:34","guid":{"rendered":"http:\/\/world.350.org\/philippines\/?p=1438"},"modified":"2018-06-12T11:40:26","modified_gmt":"2018-06-12T03:40:26","slug":"freedom-from-coal","status":"publish","type":"post","link":"https:\/\/world.350.org\/philippines\/freedom-from-coal\/","title":{"rendered":"Freedom from coal"},"content":{"rendered":"

By Chuck Baclagon<\/p>\n

It has been a hundred and twenty years since the Philippines declared itself as a nation with the promise of charting its destiny away from the meddling power of the Spanish empire that ruled the archipelago for over 300 years.<\/span><\/p>\n

As Filipinos we all know what happened next. We were cheated of our political and economic independence, short-changed of the benefits that the promise of freedom held.<\/span><\/p>\n

Among these failed promises is energy independence from dirty and expensive power brought about by our needless and dangerous over-dependence on coal. It is backed by no less than <\/span>Duterte opening coal plants in spite of all his talk on environmental protection and climate justice.<\/span><\/a><\/p>\n

Independence is about the ability to decide our future. In the context of climate change, it is about choosing a life that would guarantee we not only survive but thrive in the midst of a warming climate.<\/span><\/p>\n

In spite of the shadow cast by fossil-fuel dependence, there are rays of hope to be found in the emerging news on the energy front proving that a fossil-free world is still possible. Beyond its adverse health and environmental impacts, it is already becoming more apparent that coal is bad for business.<\/span><\/p>\n

A recent study from the Institute for <\/span>Energy Economics and Financial Analysis has revealed that the Philippines\u2019 financial sector is massively exposed to the eventual stranding <\/span><\/a>of all coal plants in the pipeline, amounting to more than 10,000 MW in overcapacity and P1.05 trillion (US$20.8 billion) in financial risk, all of which will ultimately be shouldered by consumers through higher bills.<\/span><\/p>\n

https:\/\/www.facebook.com\/350pilipinas\/videos\/1024035671092979\/<\/a><\/p>\n

The forecast for coal is bad enough to even force <\/span>the Ayala Group\u2019s energy arm, AC Energy, to announce its plans to sell as much as 50 percent of its coal energy assets,<\/span><\/a> and expand its renewable portfolio not just in the country but even across Asia Pacific.<\/span><\/p>\n

Meanwhile, the <\/span>German insurance giant Allianz has also revealed its plans to stop insuring coal plants and mines<\/span><\/a>, adding that it aims to divest from the sector completely by 2040.<\/span><\/p>\n

Even in Asia, the last bastion of coal dependence cracks are already beginning to weaken coal’s grip in our energy sector. <\/span>Japan\u2019s Sumitomo Mitsui Banking Corporation recently signaled it may rethink its financing of coal-fired power projects<\/span><\/a>. <\/span>Mitsubishi UFJ Financial Group likewise announced its adoption of environmental and social policy rules<\/span><\/a> for loans and underwriting, a first among Japan\u2019s megabanks. It is a <\/span>small but definitive step forward for the nation\u2019s banking industry, which lags behind global rivals shifting away from one of the most-polluting fuels<\/span><\/a>.<\/span><\/p>\n

These current trends lend credence to our claim that transitioning from coal to renewable energy has benefits both for the climate and our economy.<\/span><\/p>\n

https:\/\/www.facebook.com\/icsc.ngo\/videos\/2156354961071343\/<\/a><\/p>\n

Climate action and economics work hand in hand when it is done in such a way that is both scientifically informed and socially just. One clear example is <\/span>the women-led story of Sulu-an island, which rose above the tragedy of Haiyan towards becoming the renewable energy capital of Guiuan, Eastern Samar<\/span><\/a>.<\/span><\/p>\n

The signs are all around. We should drive the momentum further especially for the leaders joining the <\/span>Global Climate Action Summit<\/span><\/a> in California this September.<\/span><\/p>\n

Our ever-strengthening movement is already blocking pipelines, shutting down coal plants, and building up communities powered by renewable energy.<\/span> The realization is rippling through the ranks that, if deployed thoughtfully, our pranks, stunts, flash mobs and encampments can bring about real shifts in the balance of power.<\/span><\/p>\n

On September 8th, we will rise up once more alongside thousands of others across the world. We will send a clear message to the politicians who have been bought off by big coal: take action to stop climate change, or face the power of the people.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Independence is about the ability to decide our future. 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