4 21. Renewable energy is becoming increasingly cost competitive with fossil fuels reaching parity or cheaper, in numerous markets (developed and developing countries), and this is before the externalites are taken into account. Oxfam estimates that every dollar invested in a coal plant in Asia could result in $10 associated climate change damage in Asia alone (and up to $100 in local air pollution). 22. The extent of the potential remains high for the Philippines – in 2014, approximately 71% of total final energy consumption came from fossil fuels, with 29% from renewables5. This is reflected in the implementation of the 2008 Renewable Energy Act. ii) Corporate sector 23. Oxfam recommends that companies, especially energy and financial companies, must: a. measure and disclose climate risks and climate related impacts in line with the Taskforce on Climate Financial Disclosure, and b. publish their (scope 1, 2 and where relevant 3) greenhouse gas emissions and formulate reduction targets in line with the Paris Agreement. 24. We recommend that central banks must require financial institutions to publish their social and environment (including climate change) related risks, publish risk management strategies under relevant climate and climate policy scenarios; and formulate and publish greenhouse gas reduction targets in line with the Paris Agreement and the Taskforce on Climate Financial Disclosures. 25. And we recommend that private banks should (a) end support for all new coal extraction and delivery, and all new coal fired power plants projects, worldwide (b) end support for all coal companies that plan new coal investments or which have existing investments in coal above a certain threshold. Signed: Laura Gyte Date: 4 December 2018 At: London, United Kingdom 5 World Bank Database 2018, World Bank https://data.worldbank.org