Manila Bulletin
Summary
The Philippines is known for its hot weather, and it's only getting hotter due to the rising rate of climate change.
Sure, air conditioning and other cooling systems are a way to beat the heat. However, this comes with a cost that is also affecting consumers and the environment.
Earlier this year, tight supply conditions were observed as power grids in Luzon and Visayas reached high peak demands due to extreme heat over the summer.
According to PE2, the government has encouraged companies to adopt energy-saving technologies by offering financial assistance, particularly if they collaborate with an energy service company (ESCO). With the implementation of the CREATE MORE Act, PE2 expects that ESCOs and third-party project developers (TPPDs) will play a key role in retrofitting large chiller plants and district cooling systems, making these incentives more accessible.
"Investments will flow through centrally cooled buildings with chiller plants and district cooling systems through either the ESCO business model, especially if CREATE MORE incentives will need to be deployed, or through the more traditional self-financed model which may not enjoy the same access to fiscal incentives for this type of energy efficiency project," Ablaza elaborated.
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