THE Philippines is this year’s second most attractive emerging market for renewable energy investments, according to the Bloomberg New Energy Finance Climatescope 2024 report.
The Department of Energy welcomed the development as it underscored the effectiveness of the Philippines’s comprehensive renewable energy policies, which include auctions, net metering schemes, tax incentives, and an aggressive clean energy target of 35 percent renewable energy share in the power mix by 2030.
“As the only emerging market in the Asia-Pacific region with all these mechanisms in place, we are paving the way for a more sustainable energy future, not only for our nation but as a model for the region,” the DOE added. “Significantly, while most of the renewable energy investment is domestic, we look forward to realizing the potential of increased foreign participation through recent reforms that allow 100-percent foreign equity in renewable energy projects. These measures aim to unlock greater investments in solar, wind, and hydro projects, fortifying the Philippines as a prime destination for clean energy ventures,” it added.