Renewable energy (RE) developers are urging the Department of Energy (DOE) to implement policies and regulatory measures introduced in the sector, emphasizing their importance for long-term energy security and attracting investments.
In a report by Manila Standard, Developers of Renewable Energy for Advancement Inc. (DREAM) president Jay Layug described 2024 as a “banner year” for the energy sector, citing numerous initiatives aimed at drawing foreign investments, particularly in RE.
He noted that the DOE, in collaboration with the National Grid Corporation of the Philippines (NGCP), Philippine National Oil Company (PNOC), and other agencies, prioritized transmission network upgrades and port expansions to ensure a stable energy supply.
Layug said that in 2025, policies are expected to materialize into programs such as the Green Energy Auctions for different branches of RE, namely, onshore and offshore wind, rooftop and floating solar, biomass, geothermal, hydro, energy storage systems, and natural gas utilization.
He stressed the need to decarbonize transportation and household sectors, which account for nearly 60% of energy consumption, by adopting biofuels, promoting electric vehicles (EVs), increasing rooftop solar installations, and implementing energy efficiency measures.
DREAM expressed full support for the government’s vision of a sustainable energy future that boosts economic growth and improves the quality of life for Filipinos.
The Philippines climbed to second place in the 2024 BloombergNEF Climatescope Report for renewable energy investments, improving from fourth in 2023 and 20th in 2021.
The DOE attributed this rise to its comprehensive RE policies, including auctions, tax incentives, net metering, and the goal of achieving 35% renewable energy in the power mix by 2030.
There are no comments
Add yours