MANILA, Philippines — The war between Russia and Ukraine is highlighting the need for developing Asia Pacific economies to shift toward clean energy and make them less vulnerable to a global oil crisis.
In its recent blog, Manila-based Asian Development Bank (ADB) said the geopolitical conflict in Eastern Europe has intensified the urgency to develop mechanisms for ensuring a smooth transition to cleaner energy sources.
Oil importing countries, such as the Philippines, are bearing the brunt of continued escalation of the war.
In fact, pump prices on the domestic front have been on the rise since the start of the year. Power rate hikes are also expected in the coming months.
ADB’s Independent Evaluation Department director Nathan Subramaniam and principal evaluation specialist Sherine Ibrahim said a lack of diversified energy sources creates enormous risks and huge volatility to…
Ukraine conflict highlights need for clean energy shift
