The Philippines is now the second most attractive developing economy for renewable energy (RE) investment, according to the 2024 Climatescope report by BloombergNEF (BNEF).
This marks a significant improvement for the Philippines, which ranked fourth in 2023 as BNEF’s analysis gave the Philippines a power score of 2.65, exceeding the Asia-Pacific regional average of 1.94.
The Department of Energy (DOE) said that it was pleased with the report as it reflected the country’s commitment to transitioning to clean energy and sustainable development.
“As the only emerging market in the Asia-Pacific region with all these mechanisms in place, we are paving the way for a more sustainable energy future, not only for our nation but as a model for the region,” said the DOE.
The DOE attributed the recognition to its RE policies, including auctions, net metering schemes, tax incentives, and a target of 35% renewable energy in the power mix by 2030.
The energy department, however, emphasized that the transition is not yet finished. Given the projected annual peak demand growth of about 5.3% from 2024 to 2028, it remains critical to accelerate renewable energy development to keep pace with the energy requirements of the country’s expanding economy.
The DOE highlighted the potential for increased foreign investment through recent reforms allowing 100% foreign equity in renewable energy projects.
The DOE highlighted the potential of increased foreign investment through recent reforms allowing 100% foreign equity in renewable energy projects. The department also said that the government will continue to harness the country’s natural resources to further its energy goals.
The report evaluates clean energy progress and market potential in 110 developing countries using 100 indicators, covering nations responsible for nearly two-thirds of global clean energy output and 82% of the world’s population.
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