The Department of Energy (DOE) believes that investors who are eyeing the renewable energy (RE) sector of the country are growing in force.
In a report by Philippine Star, Energy Secretary Raphael Lotilla said that the department had been receiving inquiries and applications from several foreign investors who also seeking local partners.
A firm in Singapore said that it is good to have a local partner who is well-versed in the country when it comes to investing.
In response, the DOE and other agencies are helping international investors by looking for local partners.
Business-to-business matching is scheduled for the end of February as a way to help outside investors who are looking for local partners.
BloombergNEF Climatescope’s 2023 report revealed that the Philippines was the fourth most promising emerging market in terms of renewable energy (RE) investments among 110 emerging economies.
The energy department then said that an array of collaborations as well as a comprehensive government approach in the implementation of energy programs opened the doors for this welcome development.
In 2022, the country’s RE portfolio made up 29% of the installed capacity and 22% of gross power generation. The DOE is planning to increase the RE portfolio of the country to 35% by 2030 and 50% by 2040 by introducing the Philippine Energy Roadmap.
The roadmap involved important elements like the implementation of clean energy, energy efficiency, conservation measures, and advancing alternative fuels among others.