The Department of Energy (DOE) is looking to utilize the recently approved Climate Investment Funds (CIF) amounting to USD 500 million for the retirement or repurposing of the Mindanao coal-fired power plant.
In a report by Manila Standard, Energy Secretary Raphael Lotilla said that with the country’s sensitivity to climate disasters, the energy department welcomed CIF’s USD 500 funding under the Accelerating Coal Transition Investment Program.
This endorsement allocates USD 500 million to support a just transition from coal to renewable energy in the country.
This funding will bolster efforts to add 1,500 MW of renewable energy capacity by 2030, potentially including battery systems, offshore wind, floating solar, and pumped hydro projects.
Additionally, the energy chief said that the fund would support energy transition projects and replace coal-plant power output by building innovative renewable energy infrastructure.
Lotilla added that though the accelerated coal retirement continues to encounter hurdles, the department is expecting the ACT Investment Program to serve its purpose of transitioning away from coal.
By 2027, the Philippines intends to phase out as much as 900 MW of its current coal-generating capacity.
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