PH transitioning to
renewable energy sources – DTI Chief
By
DTI-OSEC-Public
Relations Unit
June 3, 2023
TAGUIG CITY – The
Philippine government is already in pursuit of renewable energy
transition, according to Trade and Industry Secretary Fred Pascual.
In his message during the
Offshore Wind Conference, Secretary Pascual said, “The Philippines
stands at the threshold of a significant transformation. Our
geographical position puts us in an enviable position to harness the
power of renewable energy. Renewable energy isn't merely an option
for us but a necessity. Thus, our government is ardently promoting
using and developing renewable energy sources.”
The conference, organized
by the China Energy Engineering Group Guangdong Electric Power
Design Institute Co., Ltd. (GEDI)., gathered various government
agencies and Philippine and Chinese companies to discuss the
country’s plan and policies for developing renewable energy.
The Trade and Industry
Secretary emphasized that the Philippines’ abundant natural
resources together with its long coastline and excellent wind
resource are significant in the country’s pursuit of sustainable
power generation.
As the energy demand in
the country continues to rise, renewable energy remains one of the
priority sectors of the Marcos administration. During President
Ferdinand R. Marcos Jr.'s recent trip to Beijing, he encouraged
Chinese and other foreign firms to invest in renewable energy
projects in the Philippines.
Last May 21, 2023,
President Marcos Jr. signed Executive Order (EO) No. 21, mandating
the creation of a policy and administrative framework for the
optimal development of offshore wind resources in the country. This
includes the integration into the Energy Virtual One Stop Shop (EVOSS)
System of applicable permits required by relevant Permitting
Agencies for offshore wind activities.
The Department of Energy
(DOE) also issued a circular allowing 100% foreign equity in
renewable energy projects in the Philippines. The trade chief
considers this a significant stride in the efforts to attract more
investments in renewable energy.
Secretary Pascual shared,
“Chinese investors and businesses can rely on the country's roadmap
in offshore wind development. Launched in April 2022 and initiated
by The World Bank Group in partnership with the DOE, the roadmap
identified the country's offshore wind potential, opportunities, and
challenges, among others."
As of December 2022, the
country already awarded 190 onshore and offshore Wind Energy Service
Contracts – with offshore contracts mainly in Luzon alongside Panay
and Guimaras Strait.
Likewise, in the first
quarter of 2023, the Board of Investments (BOI) approved three
offshore wind projects with a total capacity of 1,300 megawatts and
an estimated investment cost of more than P390 billion.
As Secretary Pascual
concluded his speech, he expressed the country’s readiness to
embrace the opportunities for renewable energy and offshore wind
power, “With our rich resources, supportive investment environment,
and forward-looking energy policies, we are poised for a future
where our energy is as clean as the winds that blow across our
archipelago and as sustainable as the spirit of our people.”