Philippines Nabs 4th Place in Global Energy Sector Investments
- June 12, 2024
Department of Energy (DOE) Assistant Secretary Mylene Capongcol announces the BloombergNEF Climate 2023 report where the Philippines belongs to the top 5 most attractive emerging markets for power sector investments.
This year’s report sees the country rising 6 places to number four, trailing India, China and Chile after its race to transition to renewable energy (RE) in the past two years.
In the report released on Nov. 29, the Philippines stands out as one of the few that have implemented auctions, feed-in-tariffs, net metering schemes, tax incentives and with a strong target for renewable energy.
Dated November 29, 2023, the report acknowledges the Philippines as the distinct few as a target for renewable energy with a strong portfolio of auctions, feed-in-tariffs, net metering schemes and tax incentives.
It praises the DOE’s second energy auction, where 3.4 gigawatts (GW) of renewable energy capacity was awarded. 1.2 GW is targeted for ground-mounted, rooftop solar and onshore energy sources for 2024 to 2025, and 2.2 GW for 2026.
The report also highlighted the country’s release of an offshore wind roadmap and the removal of foreign ownership restrictions which encouraged growth in offshore wind investments.
Lastly, it commends the growth of the country’s clean energy investment with a growth rate of 41% from 2021 to 2022 and gross proceeds of USD1.34 billion.
Capangcol credits these achievements through collaboration throughout multiple government agencies in implementing energy policies advocated for by the President.
As of 2022, 29% the installed capacity of Philippine energy sources are RE, with 22% of the gross power generation.
By 2030, the DOE expects a target RE share of 35%, increasing to 50% by 2040.
In its commitment to the global energy transition, the DOE is also on a mission to bolster investments in the energy sector in different technologies and required capacities in the power generation mix by 2030 to 2050, in preparation for the release of the updated Philippine Energy Plan.
Its goals are to implement RE energy source conservation initiatives, expediting the use of alternative fuels and emerging energy technologies, using grid technologies and reinforcing energy infrastructure for a resilient and disaster-proof future.
