The United States (US) government has offered its support to the Philippines in its efforts to fully develop the local mineral processing and renewable energy (RE) sectors.
US Under Secretary for Economic Growth, Energy, and the Environment Jose Fernandez mentioned that they can assist the Philippine government in engaging with countries under the Mineral Security Partnership (MSP). I Photo: Under Secretary Jose W. Fernandez X
US Under Secretary for Economic Growth, Energy, and the Environment Jose Fernandez mentioned that they can assist the Philippine government in engaging with countries under the Mineral Security Partnership (MSP), a collaboration of 13 countries and the European Union aimed at catalyzing investments in responsible critical supply chains worldwide.
The US government can organize video conferences with companies in MSP countries, where the Philippine government can present potential investors with the types of investments needed for the industry, he said.
“It’s a way for us to facilitate engagement by the Philippine government and mining companies, and mining investors out there,” Fernandez emphasized, adding that the MSP currently has “over half a dozen projects,” not only in mining but also in processing.
The US official expressed that their government is also keen to support the Philippines in increasing its RE capacity, noting that their Development Financing Corp. can be a source of funding for RE projects and infrastructure in the Philippines.
Fernandez highlighted the critical role the Philippines plays in achieving clean energy goals globally, given its abundant natural resources.
“For us to reach our clean energy goals by 2050, we’re going to need exponentially more critical minerals than we use today,” Fernandez said.
Citing data from the International Energy Agency, Fernandez mentioned that to shift to clean energy by 2050, the global market needs 42 times the amount of lithium, 20 times the amount of manganese, and 20 times the amount of cobalt.
The Philippines holds 5 percent of global nickel reserves and 4 percent of global cobalt reserves, essential mineral resources for producing batteries needed to store power from RE sources such as solar, wind, and hydro, among others.
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