US and Philippines sign landmark nuclear co-operation pact
The US and the Philippines have signed a nuclear cooperation pact to help the Southeast Asian nation transition to cleaner energy and bolster its power supply.
The United States and the Philippines have officially signed a nuclear co-operation pact, paving the way for US investment and cutting-edge technologies to assist the south-east Asian nation in its transition to cleaner energy sources and fortify its power supply.
The agreement was signed by the Philippine President, Ferdinand Marcos Jr and US Secretary of State Antony Blinken.
The signing took place on Thursday on the sidelines of the Asia Pacific Economic Co-operation (APEC) summit in San Francisco.
During the signing ceremony, President Marcos said: "We see nuclear energy becoming a part of the Philippines’ energy mix by 2032, and we are more than happy to pursue this path with the United States as one of our partners."
The pact, referred to as a Section 123 agreement, is anticipated to play a pivotal role in supporting the development of reliable, affordable, and sustainable power in the Philippines.
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President Marcos said the agreement would not only facilitate the transition to cleaner energy but also create opportunities for US companies to invest and actively participate in nuclear power projects within the country.
Secretary Blinken said the negotiations leading to the pact had been completed in record time, marking the fastest conclusion for a Section 123 agreement.
Under the US Atomic Energy Act, such agreements are essential to allow the transfer of nuclear equipment and material for peaceful purposes.
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Acknowledging the Philippines' ambitious target of reducing greenhouse gas emissions by 75% by 2030, Secretary Blinken emphasised the role of nuclear energy in meeting the nation's growing energy demands sustainably.
He noted that with the peak energy demand in the Philippines expected to quadruple by 2040, the adoption of nuclear energy would be instrumental in achieving these targets.
Blinken said: "With access to US material and equipment, the US and the Philippines will be able to work together to deploy advanced new technologies, including small modular reactors, to support climate goals as well as critical energy security and baseload power needs within the Philippines."
He went on to highlight the advantages of small modular reactors, some of which are as compact as a city bus, particularly in a nation comprised of over 7,000 islands.
These reactors could generate energy locally and conveniently, catering to the unique geographical challenges faced by the Philippines.
