A group of renewable energy developers called on the Department of Energy to follow through the numerous policies and regulatory issuances in the energy sector, especially for RE this year to ensure the long-term energy security while attracting more investments.
Jay Layug, president of the Developers of Renewable Energy for AdvanceMent Inc. (DREAM), said 2024 was a “banner year” for the Philippine energy sector in terms of numerous policies and regulatory issuances geared towards attracting more foreign investments, including RE.
Layug said that in coordination with the National Grid Corp. of the Philippines, Philippine National Oil Co. and other government agencies, the DOE placed emphasis on transmission network upgrades and expansion of ports to ensure stable and resilient energy supply.
“In 2025, it is time to follow through these policies with actual programs: the conduct of Green Energy Auctions for onshore and offshore wind; ground-mounted, floating and rooftop solar; biomass and waste-to-energy resources; geothermal; run-of-river and impounding hydro; integrated renewable energy storage systems opportunities; and natural gas utilization, both through LNG [liquefied natural gas] and exploration of indigenous gas resources,” he said.
Layug said that with almost 60 percent of energy consumption coming from transportation and household, decarbonizing these sectors in 2025 would require concerted government efforts, including increased use of biofuels, higher targets for electric vehicles, increased installation of solar rooftop systems and greater adoption of energy efficiency and conservation measures.
He said DREAM fully supports the government’s goal of a more dynamic and sustainable energy future that benefits communities, drives economic growth and improves well-being of Filipino consumers.
The Philippines was ranked as the second most attractive emerging market for renewable energy investments in the 2024 Climatescope Report by BloombergNEF.
This, marked by the rise from 4th place in 2023 and an impressive leap from 20th place in 2021, reflects the growing confidence of the global community in our country’s commitment to clean energy transition and sustainable growth.
The DOE said this 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 RE in the power mix by 2030.
