Department of Energy (DOE) Secretary Sharon Garin on Tuesday vowed sustained tie-up with the private sector to ensure the achievement of increasing the share of renewable energy (RE) to 50 percent of the total power generation mix by 2040.
DOE data show that as of end-April this year, total installed RE capacity in the country reached 7.054 megawatts (MW), the bulk of which, at around 98,623.014 MW, is accounted for by wind energy, followed by the 36,410.996 MW of solar, and 15,108.207 MW of hydropower.
On Monday, data released by the Board of Investments (BOI) showed that about 58.74 percent of the PHP816.81 billion worth of projects it approved as of the end of November this year are energy-related.
Also, around PHP1.42 trillion worth of RE-related projects were certified under the green lane initiative, or those considered strategic investments. This represents the bulk of the PHP1.92 trillion approved under the said initiative.
Garin said hydropower and offshore wind projects are part of their medium and long-term energy planning since these “bring us closer to our renewable energy targets and help shield Filipino consumers from volatile fossil fuel prices.”
She said the government is firm on “building an energy system that is not only bigger, but also cleaner, smarter, and more resilient.”
“Our direction is clear. We will continue to work closely with the private sector and our partner agencies in the national government and local government units (LGUs) to ensure that these approved investments will ripen into beneficial and tangible energy infrastructure for our people,” she added. (PNA)