Officials say the country’s transition to cleaner energy technologies will be gradual, focusing on diversifying energy sources to ensure security, support economic growth, and aid in poverty reduction.
Department of Energy (DOE) Secretary Raphael Lotilla emphasized that the transformation of the energy sector would take time, stressing that energy security is a primary concern to sustain economic growth and meet the country’s sustainable development goals.
“This transformation will have to occur over time and definitely not overnight,” Lotilla explained.
He added that addressing uncertainties surrounding energy technologies and financing requires diversification of energy sources to secure the country’s future energy needs.
Meanwhile, AboitizPower Chief Finance Officer Sandro Aboitiz said that the transition would require a comprehensive approach.
“The journey is not going to be linear. It’s extremely complex and it ultimately requires transforming the entire energy system — the supply side, the networks, and the demand side,” said Aboitiz.
The DOE’s strategic framework is developed to increase the share of renewable energy (RE) in the power generation mix to over 50% by 2050, expand port infrastructure to support offshore wind projects, and integrate nuclear power into the grid, targeting 1,200 megawatts (MW) by 2032 and 4,800 MW by 2050.
Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo Loyzaga highlighted the Philippines’ significant untapped reserves of copper, gold, and chromite, which are critical for low-carbon renewable energy technologies such as solar panels and wind turbines.
AboitizPower also pointed to the potential of unlocking 13 gigawatts (GW) of renewable energy through solar rooftops, noting that wider adoption of this technology faces regulatory challenges.
AboitizPower is aiming to build 3,600 MW of new RE capacity by 2030, targeting a total of 4,600 MW. The company has over 1,000 MW of disclosed projects across various energy sources and continues to explore opportunities in solar, hydro, geothermal, wind, and energy storage.
Earlier this year, AboitizPower acquired a stake in Chromite Gas Holdings, which plans to buy a majority interest in two gas power plants with a combined capacity of over 2,500 MW and a terminal for importing liquefied natural gas (LNG).
