NextGen Day

Rapahel Lotilla, secretary of the Department of Energy (DOE), stated on Friday that the organization is drafting changes to the Renewable Energy Act of 2008’s implementing rules and regulations (IRR) to permit 100 percent foreign equity on renewable energy projects.

The recent Department of Justice (DOJ) judgment that natural resources are not subject to constitutional restrictions on foreign ownership would increase investment in the renewable energy sector, according to Lotilla, who spoke at the Virtual Energy Investment Forum.

President Ferdinand Marcos Jr.’s initiative to develop the nation’s indigenous and renewable energy is advanced by the opinion, he claimed.

He continued by saying that the DOJ’s position would be supported by the modifications to the Renewable Energy Act’s IRR.

“I want to emphasize the President’s directive to us at DOE and our cooperating federal agencies to maintain a level playing field. With these advancements, we invite investors to join us in guiding the energy sector toward a future that is cleaner, greener, more dependable, and more sustainable, added Lotilla.

According to Lotilla, the share of renewable energy in the primary energy supply as a whole is currently 22.8 percent.

According to DOE data, a medium-term renewable energy commitment reached 905 megawatts or 10% of the entire 8,935 MW commitment.

It is anticipated that renewable energy’s indicative capacity will increase to above 39,800 MW. Up until and including 2037, these energy projects are anticipated to be operational.

The nation wants to boost the share of renewable energy to 35% by 2030 and 50% by 2040.

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