The Department of Energy (DOE) is optimistic about attracting energy investments after the BloombergNEF Climate 2023 placed the Philippines in the fourth spot of most attractive emerging markets for investments in the power sector.
Mylene Capongcol, DOE assistant secretary, in a statement said based on the report, the Philippines moved up six places to the number four spot behind India, China and Chile, mainly due to significant progress in transitioning to renewable energy (RE) over the last two years.
According to the report released November 29, the Philippines stood out as one of the few countries that have implemented auctions, feed-in-tariffs, net metering schemes, tax incentives and a strong target for RE.
The report also highlighted DOE’s second green energy auction where it has awarded a total of 3.4 gigawatts (GW) of RE capacity wherein 1.2 GW is earmarked for completion from 2024 to 2025 and 2.2 GW for 2026.
The report also cited the country’s release of an offshore wind roadmap and the removal of foreign ownership restrictions which encouraged growth in offshore wind investments.
The report said clean energy investments in the Philippines grew by 41 percent from 2021 to 2022, reaching $1.34 billion.
As of end-2022, RE comprised 29 percent of the installed capacity and 22 percent of the gross power generation in the Philippines with the DOE targeting a total RE share of 35 percent in the power generation mix by 2030 and 50 percent by 2040.
The DOE also said to further push the country’s viability for power investments, the agency is preparing to release an updated Philippine Energy Plan.
DOE said the new plan will include provisions on the implementation of RE sources energy efficiency and conservation measures, advancing alternative fuels and emerging energy technologies, adopting information and communication technologies through advanced smart grid technologies and fortifying energy infrastructure to be resilient and climate proof, among others. -J. Macapagal
