The US government said it will help mobilize more than P36 billion ($740 million) in private sector investment to help develop at least 500 megawatts (MW) of clean energy generation capacity in the Philippines.
The United States Agency for International Development (USAID) yesterday launched a P1.6- billion, five-year Energy Secure Philippines (ESP) project that will support a more competitive, secure and resilient energy sector in the Philippines.
US Embassy Chargé d’Affaires John Law said the American government is optimistic the program would create new partnerships with “diverse stakeholders across the energy sector.”
Energy Secretary Alfonso Cusi said the ESP is expected to “provide a wealth of opportunities” as his agency re-evaluates the “appropriateness” of the country’s current policies against future energy goals.
Under ESP, the US government will work with Philippine government and private sector partners to improve the performance and efficiency of energy utilities by deploying renewable energy systems and enhancing competition in the power sector while also addressing cybersecurity.
Energy Regulatory Commission chair Agnes Devanadera said the pandemic changed the demand patterns and the landscape of the entire power industry in the Philippines.
“There is a need for a paradigm shift that will include people-centered components. The local government units play a vital role in the development of energy plans by serving as a convergence point by bringing in synergy among the different government agencies and in coming up with studies and analyses in order to develop a more responsive and accurate energy policies,” Devanadera said. – J. Macapagal
