PH needs $121 billion in renewable energy expenditures, according to the DOE
According to a Department of Energy (DOE) official, the government would require at least USD121 billion in renewable energy investments between 2020 and 2040 to meet the Clean Energy Scenario (CES).
DOE Undersecretary William Felix Fuentebella said at the Sulong Pilipinas Conference on Tuesday that the estimated investment requirements for renewable energy technology do not include system costs like reliability, transmission and distribution requirements, energy storage solutions, and other ancillary services.
The DOE plans to install at least 10,000 megawatts of renewable energy capacity by 2040 under the CES.
The DOE also wants to raise renewable energy’s contribution of the power generating mix to 35% by 2030, and to more than 50% by 2040.
Renewable energy, according to Fuentebella, would assist energize isolated and unserved regions in addition to providing clean energy sources for the nation.
Filinvest Development Corp. president and chief executive officer Josephine Gotianun-Yap, who supports the government’s demand for clean energy investments, said the business is interested in developing renewable energy projects.
“We are absolutely committed to renewable energy initiatives. We are pursuing roughly 56 megawatts (MW) of renewable energy projects,” Gotianun-Yap said at the Economic Journalists Association of the Philippines’ mid-year economic symposium (EJAP).
She said that the company is also involved in solar rooftop installation, with 4.3 MWs of solar rooftop projects now under construction.
Gotianun-Yap also believes that as the cost of renewable energy technologies such as solar panels and batteries falls, more investment in the country’s renewable energy industry will occur.
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