The conflict between Ukraine and Russia, which has a direct impact on global oil prices, highlighted the importance of developing more energy sources in the country, a stakeholder said Thursday.
Oil prices could skyrocket due to Russia's invasion of Kyiv due to the forseen disruption in supply and demand.
Brent crude, one of the global benchmarks, has breached $100 per barrel for the first time since 2014.
“What’s happening globally, with all of this volatility, uncertainty, you have the issue of Russia and Ukraine just coming to a head in the last 24 hours, it just really emphasizes the need for energy independence and security especially for a country like the Philippines," CAC Energy president and CEO John Francia said in a forum.
"It raises the question of more investments on indigenous sources, be it oil and gases resources of the Philippines. or of course we are a big proponents of renewable energy," he added.
Clean energy sources need to keep up with the growing demand and stakeholders need to build more facilities to meet the government's goal of raising the share of renewable energy in the total energy mix, Francia said.
Finance Secretary Carlos Dominguez meanwhile said the country has an Energy Transition Mechanism Project which aims to hasten the retirement of coal plants in the country.
The government is also looking into including nuclear power into its energy mix, Energy Secretary Alfonso Cusi said.
"We are pushing for the inclusion of our, I mean SMR (Small Modular Reactors) in our energy mix. We have already prepared all the framworks and all we need now is to get the approval of the president to have it in our energy mix, and in fact I am going to the US, I think first week of March, to sign a cooperation on nuclear," Cusi said.
Cusi is also pushing for renewable investments in the country from the US to accelerate the shift away from coal.
Other nations have expressed interest in supporting the Philippines achieve its renewable energy transition and climate change mitigation goals.
The UK, which hosted 26th UN Climate Change Conference (COP26) in Glasgow, earlier said it is ready to support the Philippines to achieve its climate change commitments.