A study revealed that the Philippines would need around US$337 billion in investments by 2040 to carry out the country’s clean energy goals.
The Organisation for Economic Co-operation and Development (OECD) along with the Department of Energy (DOE) established the Clean Energy Finance and Investment Roadmap of the Philippines.
“The Philippines ranked fourth globally among the most promising emerging markets for renewable investments, and that’s quite remarkable,” OECD deputy director Mathilde Menard said.
This roadmap issued policy recommendations for the country to advance its goals for clean energy and the $337 billion would be able to aid the Philippines in achieving the 50% renewable share in the power mix as well as a 24% economy-wide energy saving target.
The roadmap would focus on energy efficiency and offshore wind technology and OECD policy analyst Ariola Mbistrova introduced recommendations to further support investments in these sectors.
Policy recommendations for offshore wind involve target setting for development plans, grid networks and transmission planning, zone allocation for go-to areas, offshore wind finance, capacity building, auction design to improve competition outcomes, and expansion and upgrades.
As for energy efficiency, recommendations are regulatory reforms, better access to financing, data collection and transparency, organized implementation plans, public budget allocation for local government units, and capacity building for local impact.
Based on the roadmap, the implementation of these recommendations is expected to be in the second half of 2024.
