Philippines Rides on its Fastest Growing Economy Status to Attract Foreign Renewable Energy Investors at Canada’s Global Energy Show
- July 25, 2024
Contributing to the global arms raise for clean and renewable energy, the Philippines targets an increase in its renewable energy share to 35% by 2030 and 50% by 2040.
Calgary’s Global Energy Show, the continent’s main energy and exhibition conference, emphasized the role of clean energy in decarbonizing Asia.
The session discussed emerging renewable energy investment opportunities between the Philippines and North America.
The Philippine Consulate General in Calgary gave suggestions on strategic allances and gained insight from global leaders.
“Recently, we put out new rules in our Energy Transition Plan,” said Acting Head of Post Victorio Dimagiba Jr. “This was complemented in 2022 when we allowed full foreign ownership of renewable energy projects.”
Dimagiba said they are confident foreign investors will show “greater interest and enthusiasm in creating more renewable projects in the country.”
Canadian business leaders foresee the potential in energy companies having a big hand in the Philippines’ transition to clean energy.
Wayne Farmer of the Canada-ASEAN Business Council emphasized the challenges in the Philippine energy sector, such as major dependence on coal as a source of power.
“The Philippines needs to develop more of its geothermal power which is about 15% of the power mix,” he said. “I know the Philippines is looking at LNG as well at least as an interim fuel and that’s something that Canada can certainly help the Philippines soon as the LNG plants get off the ground in British Columbia.”
He also notes the significant potential of wind, solar, and even nuclear energy in the country.
The El Niño weather phenomenon resulted in a surge of power consumption nationwide, sparking the need for urgent action to transition the country to renewable sources of energy.
While wind and solar power sources continue to gain national traction, the usage of nuclear energy has been impeded by safety concerns.
Besides the opportunity to learn from Canada’s energy programs, Dimagiba has a second agenda of enticing North American companies to expand their operations in the Philippines.
“Canada of course is very interested to give their experience,” he said, “[to] give us more ability to know how this works especially from the ground up because the Philippines doesn’t have much experience except for that period when we had an aborted powerplant.”
The prowess of Filipino engineers and other industry workers were promoted as a valuable global resource at the conference.
The Philippine boasts of Asia’s highest economic growth at 5.6% in 2023, and aims to position itself as an attractive investment to foreign investors at the Global Energy show, with its tax incentives and abundant natural and human resources.
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