With coal-fired power plants proving less profitable over the years, religious and environmental organizations have called on Meralco to cancel its proposed coal-fired power plant in Atimonan, Quezon.
RELIGIOUS and environmental groups have called on the energy industry to further divest itself from coal power plants with the cancellation of the 2x300 MW coal power plant in Subic, Zambales.
In a statement issued April 28, the Power for People Coalition (P4P) has urged the Manila Electric Company (Meralco) to follow suit with the proposed 1,200 MW coal plant in Atimonan, Quezon.
The Atimonan plant, proposed under Meralco’s subsidiary Atimonan One Energy (A1E), has suffered a setback after one of its financiers, the Bank of the Philippine Islands (BPI), pulled out of both the Subic and Atimonan plants.
Gerry Arances, convenor of P4P, claimed that the declining demand and profitability for coal-powered plants have led BPI to withdraw from the projects.
“A top executive of BPI claimed that their loans to RP Energy and A1E, amounting to US$ 632. 58 million and US$ 1,056.30 million respectively, did not push through,” Arances said in his statement.
BPI's claim was made in writing by BPI Senior Vice President Roland Veloso, who serves as the head of the bank's Corporate Credits Group. Arances's comment, meanwhile, was backed by local groups advocating for an end to coal in Quezon.
“We all know that banks’ money goes where they think it should to make more profit, and BPI’s statement confirms that coal is now simply unprofitable. With this and on top of the deadly, dirty, and costly impacts of coal to people and the environment, there’s no reason why an announcement of A1E’s cancellation shouldn’t be just around the corner as well,” he said.
The P4P coalition, joined by local civic groups and members of the Catholic clergy in Quezon, have voiced its opposition to the construction of the power plant in Quezon.
“The failure of RP Energy in pursuing its Subic coal plant should already be a lesson learned for Meralco, other coal proponents, and financiers that coal will result in nothing but problems for them in years to come,” said Fr. Warren Puno, Director of the Ministry of Ecology of the Diocese of Lucena, said.
“On our part as residents of Quezon, we would continue using our voices to amplify the cry of the Earth against coal. Meralco would do well to cancel its Atimonan coal project and save itself from further trouble, while saving our air, land, and waters from further degradation.” (OpinYon News Team)
Tags: #environment, #greenenergy, #AtimonanQuezon, #PowerForPeopleCoalition