On Friday (November 17), the United States and the Philippines signed a landmark agreement that may allow the export of nuclear technology and materials from Washington to Manila. The move is a component of the Philippines’ efforts to make use of nuclear energy to cut back greenhouse gas emissions and increase energy independence.
The landmark signing, referred to as the “123 Agreement”, provides the legal basis for nuclear cooperation between the 2 countries. Philippine President Ferdinand Marcos Jr. witnessed the signing of the agreement on the sidelines of the Asia-Pacific Economic Cooperation Summit.
In his speech, President Marcos said the agreement would offer a “more energy secure and green Philippines.” He is optimistic that by 2032, nuclear energy will develop into an integral a part of the country’s energy portfolio.
Macros also said that nuclear energy is an area where the Philippines and the United States can reveal the true success of this alliance and partnership, bringing tangible advantages to people, the economy and the environment. He also mentioned his plan outlined within the July 2022 State of the Nation Address to offer the Philippines with inexpensive, reliable and sustainable energy supplies to satisfy growing energy demand, while making a more favorable business environment within the energy industry for investors and consumers.
The Philippines is desirous about using nuclear power as a reliable alternative source of baseload energy as a part of the country’s efforts to cut back dependence on coal-fired power generation, support climate change goals and enhance energy security. The Philippines is looking for a more sustainable solution, given its sensitivity to fluctuations in global oil prices, seasonal power outages and high electricity tariffs in Southeast Asia.
Although previous attempts to develop nuclear power within the Philippines have raised safety concerns, President Marcos has discussed the potential revival of the now-defunct Bataan Nuclear Power Plant. The plant was accomplished in 1984 but closed two years later after a regime change that included the overthrow of the elder Marcos, the world-shattering Chernobyl incident and allegations of corruption.
