By Atty. Roland Collado
The country’s transportation industry is at a pivotal moment.
As global concerns over climate change, air quality and the sustainability of fossil fuel use intensify, the shift towards the use of electric energy is not just a trend but a necessity.
The electrification of road transportation, especially passenger vehicles is a significant shift. However, as electric vehicle (EV) adoption grows rapidly, there is a critical need for updated infrastructure, charging solutions, battery materials and a robust supply chain.
This shift for the entire electrification landscape, from raw materials to energy storage, providing insights for investment decisions, market research and electrification strategies at both micro and macro levels. As this shift to green energy is still emerging, we are always confronted by oil price hikes like no other.
For oil-importing countries like the Philippines, the immediate effect of an oil price increase results in a rise in production costs. Global oil prices have surged due to strong winter heating fuel demand and new U.S. sanctions against Russia’s energy sector.
The rising price of gas has a direct impact on Filipino households. Many families are already struggling to make ends meet. Beyond just cars and transportation, rising gas prices also have a direct effect on most of our consumer goods and services.
According to the DOE, the upward trend is attributed to a decline in the U.S. crude oil inventories due to colder temperatures. Last week, oil firms raised gasoline and kerosene prices by P1 per liter and diesel prices by P1. 40 per liter. Fuel is an essential source of energy in the modern world and serves as the lifeblood of our economies.
People and businesses depend on fuel for their daily lives, production, and trade. Therefore, fluctuations in fuel prices have significant effects on our economy. Fuel is a critical component of the global economy and serves as a primary source of energy that enables various industries and households to sustain their daily lives.
However, fuel prices are the result of constantly fluctuating and complex factors on a global scale. One of the most significant factors influencing fuel prices is crude oil prices. Crude oil is the fundamental raw material for gasoline, diesel, jet fuel, and other fuel types.
The production levels and prices set by major oil producers like OPEC (Organization of the Petroleum Exporting Countries) directly affect fuel prices worldwide. Now therefore, the ultimate solution to the use of fossil-induced gas and crude oil is the shift to green energy.
Electric vehicles are the key technology to decarbonise road transport, a sector that accounts for around one-sixth of global emissions. Ambitious policies continue to be critical to growth in electric vehicle markets worldwide.
Electric vehicle (EV)s are the key technology to decarbonise road transport, a sector that accounts for over 15 percent of global energy-related emissions. Recent years have seen strong growth in the sale of electric vehicles together with improved range, wider model availability and increased performance.
Passenger electric vehicles are surging in popularity. Now if the growth of e-vehicles experienced in the past two years is sustained, emissions from vehicles can be put to an end aligned with the Net Zero Emissions projection by 2050 scenario.
However, electric vehicles are not yet a global phenomenon. Sales in some countries, especially developing and emerging countries, have been slow due to typically higher purchase costs compared to conventional vehicles and a lack of charging infrastructure.
As the saying goes — a journey of a thousand miles begins with a single step. We have already started the journey for a clean and green transport sector.
Let’s embrace this momentum!
