“The Verde Island Passage in the Philippines and the Coral Triangle are under siege by massive fossil fuel expansion"
SGP reportedly posted a revenue increase of PhP 205.1 billion in 2024, credited to a 45% rise in offtake volume, reaching 36.3 million megawatt-hours
Consumers carried a symbolic “bill” displaying the true costs of fossil fuel dependence as they marched to the headquarters of Meralco
Gerry Arances, P4P convenor, warned that the deals will make consumers more vulnerable to price fluctuations in fossil fuel markets
The group said Meralco’s contracts now exceed that limit, reaching 51.44% — or nearly 60% when factoring in peak demand
“These individuals are ordinary people who simply seek to protect their right to live and work their lands,” the prelate added
Current structure encourages companies to continue using fossil fuels, as they profit even when they fail to supply electricity
The confrontation underscores growing pressure on global financial institutions to align their portfolios with climate goals
“We challenge aspiring leaders to show genuine commitment to protecting both our environment,” said Fr. Edwin Gariguez
The exhibition runs until April 2026. AKP and its partners plan to hold workshops and seminars alongside the display to further empower communities to lead their own climate initiatives