To help expedite the growth of the country’s renewable energy (RE) sector, the Philippines proactively encourages investments from European firms.
Trade Secretary Alfredo Pascual recognizes Europe’s investments in renewable energy research, development, and education and emphasizes that such collaborations can progress the country’s capabilities in renewable energy and other fields. These partnerships have the potential to empower the workforce and academic institutions, enabling them to make essential contributions to the transition toward green energy.
Pascual further emphasized that the transition to RE not only addresses environmental concerns but also presents notable economic opportunities.
The Department of Trade and Industry (DTI) official is confident in the Philippines’ potential in the field of RE, thanks to its abundance of hydro, solar, geothermal, and wind resources. The country boasts an impressive untapped clean energy capacity of nearly 246 gigawatts (GW), positioning it as the world’s third-largest geothermal capacity.
The country is also well-suited for harnessing solar energy and tidal energy as it has identified eight areas with significant potential for tidal energy, which could provide a capacity of up to 170 gigawatts (GW).
The Philippines has adopted the National Renewable Energy Program (NREP) 2020-2040, which sets ambitious goals for the country’s power mix. The program aims to achieve a 35% share of renewable energy by 2030, with further plans to increase this to 50% by 2040.
Pascual said that the country also presents significant opportunities for sustainable manufacturing, connectivity, and services. The convergence of key sectors such as electric vehicles (EV), mineral processing, electronics, battery manufacturing, and semiconductors with emerging industrial technologies and renewable energy presents a remarkable opportunity.
In addition, Pascual highlights that the Philippines holds a significant position as the fifth most mineralized country globally. It ranks as the second-largest global source of nickel, third-largest in terms of gold reserves, fourth for copper, and sixth for chromite. Furthermore, the country is also rich in important chemicals used in technology industries, such as selenium and scandium.
Pascual further emphasizes that when combined with the government’s strong commitment to sustainability, the Philippines becomes an attractive destination for European investors.