Biomass could draw billion-dollar investments

biomass

Biomass development in the Philippines could draw billion-dollars worth of investments once harnessed, according to the Department of Energy (DOE).

Biomass development in the Philippines could generate 4,448 megawatts, with Palawan and Mindanao as some of the key areas with abundant resources.

Energy Secretary Alfonso G. Cusi repeated that the sustainability paradigm of the DOE and the country may rely on using RE sources like biomass.

By utilizing the potential of this resource, carbon dioxide emissions avoidance may reach as much as 17.25 million tons annually, DOE said.

“It is fundamental to the country’s sustainable energy agenda to develop and utilize our indigenous renewable energy resources,” the energy chief said to Manila Bulletin.

However, investments had not accelerated even though biomass had been among sources that is suggested to be incentivized with feed-in tariff incentives.

Biomass FIT has been extended for two years or until 2019, with hopes that investment may happen due to incentives.

Biomass investments is vital to achieving energy self-reliance, strengthening climate change mitigation measures and ushering in socio-economic advancement in rural areas,” Cusi added.

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