BNEF: PH now 4th world’s best site for clean energy investments

MRC Allied to venture into renewable energy

The Philippines is now the fourth most attractive developing economy for clean energy investments, going up six places following strong government targets and the welcoming of foreign investments. 

Inquirer reported that the country, which is only behind Mainland China, Chile, and India, entered the top five for the first time in 12 years according to BloombergNEF’s (BNEF) Climatescope study. 

In the study, offshore wind roadmap, net-metering schemes, and the ambitious target for renewable energy are some of the reasons for the rise in the rankings.

The Climatescope study provides an analysis of clean energy progress and attractiveness across 110 developing economies. 

Previously, the second Green Energy Auction Program (GEAP), which took place in July of this year, the Department of Energy (DOE) put out bids for 11.6 GW of renewable energy capacity. Out of this, developers committed to only delivering 1.2 GW by 2025 and 2.2 GW by 2026 for 3.4 GW of the total.

Furthermore, the study pointed out that 100% foreign ownership played a part in the influx of clean energy investments in the country. As estimated by the BNEF, clean energy investments increased by 41% to $1.34 billion in 2022.

Additionally, it was announced last year that by 2030 and 2040, the government wants to raise the percentage of renewable energy in the power mix from 22% to 35% and 50%, respectively. 

However, according to BNEF, the Philippines is one of the 57 economies in the world that hasn’t yet met half of its targets for renewable energy.