In a bid to strengthen the Philippines’ renewable energy sector, the Department of Trade and Industry (DTI) is in discussions with executives from United Arab Emirates (UAE) firm, Masdar.
The meeting, part of DTI Secretary Cristina A. Roque’s official visit to the country, focused on exploring potential collaborations and investments to accelerate the country’s renewable energy growth.
“We are delighted to partner with Masdar to accelerate the development of solar, wind, and geothermal projects, which are vital to achieving our sustainability and energy security goals,” said DTI Secretary Cristina A. Roque.
Masdar is actively looking into entering the solar, wind, and geothermal sectors in the country. During the meeting, Roque reiterated the goal of the National Renewable Energy Program (NREP), which is to increase the Philippines’ renewable energy share to 35% by 2030 and 50% by 2040.
Masdar, founded in 2006 as part of the UAE’s push for clean energy leadership, is targeting the development of 2GW of renewable energy capacity in ASEAN by 2025.
“We welcome Masdar’s vision to invest in the Philippines, which perfectly aligns with President Marcos Jr.’s vision for a greener future. The DTI and the Philippine government are committed to supporting sustainable energy initiatives that will drive economic growth and ensure a greener future for our nation,” Roque added.
