Philippines needs US$601 million for energy efficiency

Most potential investments could come from China.

A study by the Asian Development Bank said the Philippines needs this massive amount to address energy efficiency challenges.

The report, "Same Energy, More Power: Accelerating Energy Efficiency in Asia," said implementing energy efficiency measures is more cost effective than expanding energy generation.

Investments in energy efficiency equivalent to 1% to 2% of the total energy sector investments could meet as much as 25% of projected increase in energy consumption.

The report noted that implementing proper policies that support private sector initiatives toward energy efficiency and upgrading public buildings, improvements in street lighting, and enhancement of electricity meters devices can help ramp up much need investments.

The bulk or 92% of potential investments in energy efficiency could come from China; 7%from India, and 1% from Southeast Asia.

ADB said Asia's share in primary global energy consumption is set to rise to 56% in 2035 from 34 in 2010.