By Reggie Vizmanos
Apr 81 min
The Department of Science and Technology (DOST) and the Department of Energy (DOE) have joined forces to implement Renewable Energy Trust Fund (RETF) projects, in compliance with Section 28 of the Renewable Energy Act of 2008.
The RETF, mandated by law, aims to promote the utilization of renewable energy sources.
The RETF, mandated by law, aims to promote the utilization of renewable energy sources.
With the issuance of Department Circular No. DC2022-06-0018, guidelines for fund sourcing, accounting, and audit processes were established, giving momentum to the RETF.
Primarily funded by a percentage of the net annual income of institutions like the Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corporation (PAGCOR), the RETF has amassed Php 209,984,504.22.
To expedite RETF operations and ensure objectives are met, DOST and DOE have signed a Memorandum of Agreement (MOA), outlining areas of cooperation and mechanisms for fund utilization.
Leveraging DOST's expertise in science and technology, the partnership aims to drive renewable energy solutions' development and adoption.
DOST Secretary Renato U. Solidum, Jr. highlighted the agencies' shared commitment to advancing renewable energy initiatives, emphasizing DOST’s dedication to supporting research and development for innovative solutions.
DOE Secretary Raphael Perpetuo Lotilla affirmed DOE’s full cooperation with DOST, promising collaborative efforts toward sustainable energy development.
The collaboration between DOST and DOE marks a significant milestone in the renewable energy sector, paving the way for a sustainable and energy-efficient future for the Philippines.