A NUMBER of business groups have backed the Department of Energy's balanced energy policy, noting the need to balance energy security and affordability with climate change concerns to foster economic growth.In a joint statement on Tuesday, the business groups led by the Management Association of the Philippines said the DoE's approach to fostering a balanced energy mix was vital given increasing energy demand.
Despite a government target to achieve a 50-percent renewable energy share by 2040, the group said a significant portion of the energy generation would still come from fossil-based sources.'Energy insecurity is expensive. The power outage in Panay Island in January this year was estimated to have led to about P3.8 billion in economic losses for the province of Iloilo alone,' it added.
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