NextGen Day

The Department of Energy (DOE) is certain that the Marcos administration’s policy reforms would enable the nation to meet its long-term renewable energy (RE) targets.

President Ferdinand R. Marcos Jr. has been enthusiastic about implementing policy reforms that would help the nation increase the share of renewable energy in the energy mix to 35 percent by 2030 and to 50 percent by 2040, according to DOE Undersecretary Rowena Guevara at the Laging Handa public briefing on Friday.

Allowing full ownership of RE projects is one of the administration’s first changes in the area of renewable energy.

“Because of our (policy) for a full, 100% foreign ownership for renewable energy, the Department of Energy projects that we can fulfill our target of 50 percent renewable energy by 2040,” Guevara said. “We can do this because our policy is for a full, 100% foreign ownership for renewable energy.”

According to her, in 2022, RE would make up 22.8% of the energy mix.

The DOE is advocating for legislation that will increase investments in offshore wind projects in addition to enabling 100 percent foreign ownership in RE projects.

It also said that an executive order will entice foreign investment in offshore wind.

The Danish RE firm Copenhagen Energy A/S and PetroGreen Energy Corp. had previously announced that the Board of Investments (BOI) had approved a PHP360 billion offshore wind energy project.

In order to expedite the implementation of these projects, which are anticipated to benefit the Filipino people, the administration is also creating “green lanes” on important investments.

Guevara stated that in order to encourage businesses to invest in energy storage system facilities, the DOE would release the energy storage system policy on February 14.

The DOE official claimed that the Chief Executive has been aggressively pushing the country as a destination for RE investments in light of the rising energy demand in the nation and the Philippine government’s commitment to reducing the effects of climate change.

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