Think tank Global Energy Monitor (GEM) says the Philippines stands out as the Southeast Asian leader in solar and wind power potential, boasting a considerable 99 gigawatts (GW) of potential capacity.
In a report by Inquirer, GEM highlighted the country’s efficient project bidding system, which created a streamlined process for project development.
Notably, the Philippines took up 45% of the total anticipated capacity of Southeast Asian nations. Vietnam follows with the second-highest potential at 86.2 GW, and Indonesia ranks third at 19 GW.
However, GEM researcher and lead author of the report, Janna Smith, noted that despite the significant potential in the region, the think tank observed a low construction rate for planned projects, standing at a mere 3% when there could be much more that could be achieved.
GEM also observed the lackluster participation in the Department of Energy’s (DOE) second Green Energy Auction Program (GEAP), which received commitments for only a third of the total 11.6 GW offered.
In the broader context, the think tank emphasized that the key to accelerating renewable energy (RE) development across Southeast Asia depends on the gradual phase-out of fossil fuels, which currently constitute around 30% of the total installed capacity in the region.