The Department of Energy (DOE) welcomes the 2024 Climatescope Report by BloombergNEF, which ranks the Philippines as the second most attractive emerging market for renewable energy investments.
The milestone, marked by a rise from fourth place in 2023 and an impressive leap from 20th place in 2021, reflects the growing confidence of the global community in the country’s commitment to clean energy transition and sustainable growth.
It underscores the effectiveness of the Philippines’ comprehensive renewable energy policies, which include auctions, net metering schemes, tax incentives and an aggressive clean energy target of 35-percent renewable energy in the power mix by 2030, according to the DOE.
As the only emerging market in the Asia-Pacific region with all these mechanisms in place, the Philippines is paving the way for a more sustainable energy future, not only for the nation but as a model for the region.
The journey, however, is far from over. With peak demand growth assumptions of around 5.3-percent annually from 2024 to 2028, the need to further accelerate renewable energy development is still crucial to address the energy needs of the country’s expanding economy.
Significantly, while most of the renewable energy investment is domestic, the Philippines looks 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.
The administration of President Ferdinand Marcos Jr. reaffirms its commitment to driving renewable energy development, fostering innovation and creating an enabling environment for both local and international investors.
The government will continue to harness the immense potential of the country’s natural resources to fuel inclusive economic growth and a greener, more sustainable future for generations to come.
This recognition inspires the DOE to further intensify its efforts in achieving its renewable energy goals, ensuring that the nation remains a global beacon of progress in the energy transition.
