PH Needs $337-B Investments To Achieve Clean Energy Goals By 2040

According to a study by the Organization for Economic Co-operation and Development (OECD), the Philippines requires investments totaling USD337 billion by 2040 to meet its clean energy objectives.

To attract domestic and international capital, the OECD emphasizes the importance of developing a robust policy, regulatory, and investment environment aligned with the nation's clean energy ambitions. I Photo: Citicore Renewable Energy Corporation Facebook

The OECD, an international organization dedicated to enhancing global economic and social well-being, recently collaborated with the Department of Energy (DOE) to introduce the Clean Energy Finance and Investment Roadmap for the Philippines, offering policy recommendations to expedite these goals.

The study highlights that these investments are vital for the Philippines to achieve a 50-percent share of renewables in its power mix and a 24-percent economy-wide energy savings target.

To attract both domestic and international capital, the OECD emphasizes the importance of developing a robust policy, regulatory, and investment environment aligned with the nation's clean energy ambitions.

The roadmap focuses on two key sectors: offshore wind technology and energy efficiency. The Philippines is recognized as the fourth most promising emerging market for renewable investments globally, according to OECD Deputy Director Mathilde Menard.

Key recommendations outlined by policy analyst Ariola Mbistrova include setting targets for development plans, allocating zones for offshore wind areas, adopting a one-stop-shop approach, enhancing grid networks, designing effective auction systems, and promoting capacity building in offshore wind finance.

Despite slow progress in energy efficiency initiatives, the OECD offers recommendations such as harmonizing implementation plans, allocating public budgets for local government units, implementing regulatory reforms, enhancing data transparency, improving access to finance, and providing capacity building for local impacts.

These recommendations are slated for implementation by the second half of 2024.

DOE Undersecretary Rowena Cristina Guevara underscores the need to address regulatory challenges and bureaucratic hurdles to attract investments in clean energy projects.

The Clean Energy Finance and Investment Mobilization (CEFIM) initiative, supported by Australia, Canada, Denmark, Egypt, and Germany, is funding the roadmap. Additionally, seven other countries, including Colombia, Egypt, India, Indonesia, South Africa, Thailand, and Vietnam, benefit from the CEFIM initiative alongside the Philippines.

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