Wind energy investments can unlock socioeconomic and environmental opportunities from 2022 to 2026 in five developing economies including the Philippines, according to a study by the Global Wind Energy Council (GWEC).
The study, written by GWEC in collaboration with BVG Associates, said the Philippine economy could gain more than $1.1 billion (P56.5 billion) of gross value added if the country pursues green recovery from the pandemic through wind energy investments.
GWEC said the amount is also equivalent to a 70- percent increase in jobs as well as the avoidance of more than 65 million metric tons of carbon emission.
“With the increase in coal price volatility and ongoing supply chain disruption, it is time for coal import-dependent countries like the Philippines to develop a self-sufficient power system which relies on clean energy,” Liming Qiao, GWEC head for Asia, said in a statement.
“As elections approach in the Philippines, GWEC and the wind industry look forward to supporting the current and next administrations in creating meaningful climate policies and renewable energy targets, and kickstarting a post-pandemic green recovery,” she added.
Last year, the Department of Energy (DOE) and the World Bank Group launched the Philippine offshore wind roadmap project that aims to identify areas in the country with high potential for offshore wind development.
DOE had said the project, funded by the World Bank’s Energy Sector Management Assistance Program, will establish short- and long-term offshore wind targets, formulate strategies to integrate offshore wind in the government’s renewable energy portfolio, and recommend policies necessary to entice investors.
As of end-2020, the Philippines’ total installed capacity from wind power projects reached 427 megawatts (MW) equivalent to only 1.7 percent of the entire mix. Jed Macapagal
