Push Admin

Residents of Brgy. Coring in Dinagat Islands, CORA Philippines, and Greenpeace install solar panels to the community’s gymnasium on July 15, 2022 to provide clean, reliable power after being devastated by Super Typhoon Odette the previous year. The panels add an additional 4,800 watts of electricity and will power various barangay activities to help the community get back on its feet. Jilson Tiu, Greenpeace handout

Article (news)

Jekki Pascual

ABS-CBN News

<p>MANILA (UPDATE) - The Department of Energy (DOE) said it will continue pushing for renewable energy (RE) projects in the Philippines, despite the huge investments needed for these projects.</p><p>At the Renewable Energy Forum of the Economic Journalists Association of the Philippines, Energy Secretary Raphael Lotilla said that pursuing sustainable energy projects is expensive, but is needed for the country. DOE has earlier set a target of around 35 percent share of RE in the country’s energy mix by 2030.</p><p>“It’s not going to be cheap. The figure that we have actually been taking is that it will require around $500 billion of investment both public and private,” said Lotilla.</p><p>One of the reasons cited for having a high price tag for renewable energy is the limited financing options compared to funding for other projects. Some speakers at the forum said that some RE projects are too small for bank financing, while other projects have higher risks because of the utilization of new technology.</p><p>“But the small ones remain small, sometimes it’s hard to do financing,” said Ed Francisco, President of BDO Capital and Investment Corp.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/wE5szAyXuRY?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></div><p>The Energy Regulatory Commission said RE investors can still earn due to the government’s feed-in-tariff (FIT) program, which encourages RE projects by providing guaranteed above-market prices for producers. Currently, 1,568 MW from various plants are subscribed to the FIT program. ERC added that RE producers can also sell power in the Wholesale Electric Spot Market and the Competitive Retail Electricity Market.</p><p>The government has also expanded the Green Lanes for Strategic Investments, which streamlines processes for investors. The Board of Investments is happy to note that this new program has attracted P1.35 trillion worth of approved investments from January to September 15, 2024. This is an 82 percent jump from the same period last year. RE is among the top investments.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/FaBO5-4jYco?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></div><p>“This is the renewable energy which earned more than P300 billion in foreign investment for this year,” said Ernesto Delos Reyes Jr., BOI Director.</p><p>The Securities and Exchange Commission is also helping push for sustainable financing to fund RE projects and other sustainable programs. SEC Commissioner Javey Francisco said, “The SEC is encouraging the use of renewable energy to make sure the future generations inherit a livable planet capable of sustaining their needs. To this end, the SEC has been working tirelessly to promote sustainable finance.’</p><p>Lotilla asserted that there are still many challenges in increasing further RE projects in the country. But he remains confident of hitting their targets as more companies and agencies are becoming more aware of the effects of climate change.</p><div><strong>&#x27;OFFSHORE POWER ONLINE BY 2028&#x27;<br/></strong></div><p>The DOE is also sticking with its target of producing the first energy from offshore wind by 2028.</p><p>DOE Undersecretary Sharon Garin said they are now speeding up the process while making sure that all necessary permits are in place. Offshore wind energy is the generation of electricity through wind farms in bodies of water.</p><p>“We are working hard that we will have at least our first kilowatt-hour by 2028. It’s not an easy task kasi kailangan may port ka, may financial closure ang mga.. meron kaming suppliers, supply chain, marami pa kailangan gawin ang gobyerno,” Garin said.</p><p>The DOE and the Department of Environment and Natural Resources have signed a memorandum of agreement on the authority to grant rights to use offshore areas for the development of offshore wind projects. This will pave the way for the two agencies to coordinate with each other on potential offshore sites and the possible environmental impact of the project.</p><p>Lotilla said this partnership will put environmental protection as a priority especially since offshore wind projects are built at sea.</p><p>“Ensure environmental compliance of the projects would have to be able to observe the best environmental preservation practices among our stakeholders and to ensure as well compliance with energy regulatory, laws, and rules,” he said.</p><p>Environment Secretary Antonia Yulo Loyzaga added, “Offshore wind energy stands as a pillar of this transition, however, while we seize the opportunities that this type of renewable energy can provide,  we must also remain vigilant in addressing any unintended consequences in our ecosystems.”</p><p>The DOE and the Philippine Ports Authority have also discussed repurposing at least three ports for the use of offshore wind projects as these energy facilities would also need a port to transport equipment among others. Garin said studies are still in place on the cost of the redevelopment of the ports and whether to add more ports to the list.</p><p>Over 80 offshore wind service contracts have been awarded so far. These projects have a potential capacity of over 63 gigawatts, higher than the country’s current power generation capacity.</p><div><br/></div><div><br/></div>

<p>Energy Secretary Raphael Lotilla said that pursuing sustainable energy projects is expensive, but is needed for the country.</p>

Energy Secretary Raphael Lotilla said that pursuing sustainable energy projects is expensive, but is needed for the country.

Renewables needed despite high initial cost: DOE

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

Renewables needed despite high initial cost: DOE

Jekki Pascual,

ABS-CBN News

Published Oct 04, 2024 06:30 PM PHT

|

Updated Oct 04, 2024 07:05 PM PHT

Read More:

ABSNews

renewable energy

department of energy

raphael lotilla

economic journalists association of the philippines

DOE. DENR

offshore wind power

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.