The British Chamber of Commerce Philippines (BCCP) highlighted key industry developments in renewable energy at its latest Trade & Connect forum, “Navigating the Future: Unlocking Sustainable and Green Investment Opportunities.”
In a Malaya Business Insight report, the event, sponsored by KPMG with Flat Planet as the venue partner, featured discussions on the country’s renewable energy roadmap, policy updates, and investment outlook.
Department of Energy (DOE) Assistant Secretary Mario Marasigan highlighted the DOE’s push for integrated energy storage systems and floating solar technology to enhance grid stability.
The department raised the Renewable Portfolio Standards mandate from 1% to 2.52% annually to fast-track the transition to clean energy.
Additionally, the DOE is expanding the Green Energy Option Program (GEOP), which enables consumers to source electricity directly from renewable suppliers. It is also implementing the Energy Virtual One-Stop System (EVOSS) to streamline approvals for energy projects.
To meet the target of 35% renewable energy share by 2030 and 50% by 2040, the country will need an additional 53,000 megawatts (MW) of capacity. The DOE has already awarded 68 gigawatts (GW) in offshore wind service contracts to tap into this growing sector.
Nuclear energy is also being considered, with plans for 1,200 MW by 2032, subject to congressional approval and regulatory compliance.
Baruelo pointed out financing challenges in renewable projects, stressing the need for government guarantees to make such ventures more attractive to investors.
BCCP Executive Chairman Chris Nelson emphasized the UK’s expertise in offshore wind and green financing. He also highlighted the Philippine Economic Zone Authority’s upcoming investment mission to the UK in June 2025 to strengthen international collaboration in the sector.
As the Philippines strengthens its position as a top investment destination for renewable energy, industry stakeholders continue to push for policy improvements and technological advancements to sustain growth in the sector.
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