Philippines has called for more foreign investment in the renewable energy sector in the country.
President Ferdinand Marcos Jr. announced that his country is committed to the energy transition toward renewable energies.
“When it comes to energy, renewables are the way to go. To achieve our green power generation goals, we have opened renewable energy projects to 100 percent foreign capital,” Marcos said in his national address on Tuesday.
This comes at a time when the Philippine government has already approved for the entry of 100 percent foreign capital in renewable energy projects last year.
“Since last year, another 126 renewable energy contracts have been awarded with a potential capacity of 31,000 megawatts. To date, we have more than 1,000 active projects throughout the country: 299 of them solar; 187 wind; 436 hydroelectric; 58 biomass, 36 geothermal and nine oceanic,” the President said in his speech.
To be noted, the Philippines has set a target of “achieving 35 percent of the energy network in 2030 must come from renewables, and 50 percent in 2040.”