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PH woos Canadian firms to invest in renewable energy space

The Philippines urges Canadian firms to invest in its renewable energy sector during a global energy event in Calgary.

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<div><iframe width="640" height="360" src="https://www.youtube.com/embed/7Uzg2QtlFsw?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>The Philippines is joining the global effort for clean and renewable energy. The country aims to increase its renewable energy mix to 35% by 2030 and 50% by 2040.The role of clean energy in decarbonizing Asia was the focus of the recent global energy show in Calgary.The said session at North America’s leading energy and exhibition conference also discussed the emerging renewable business opportunities between the Philippines and North America.The Philippine Consulate General in Calgary was invited to give ideas on building strategic alliances and to gain insight from industry leaders.&quot;Recently, we put out new rules in our Energy Transition Plan,&quot; said Acting Head of Post Victorio Dimagiba Jr. &quot;This was complemented in 2022 when we allowed full foreign ownership of renewable energy projects.&quot;Dimagiba said they are confident foreign investors will show &quot;greater interest and enthusiasm in creating more renewable projects in the country.&quot;Canadian business leaders believe energy companies have a role to play in Manila’s development and energy transition.Wayne Farmer of the Canada-ASEAN Business Council noted persisting challenges in the Philippine energy sector, as the country continues to rely heavily on coal as a source of power.&quot;The Philippines needs to develop more of its geothermal power which is about 15% of the power mix,&quot; he said. &quot;I know the Philippines is looking at LNG as well at least as an interim fuel and that&#x27;s something that Canada can certainly help the Philippines soon as the LNG plants get off the ground in British Columbia.&quot;Farmer also believes that wind, solar, and even nuclear energy, have great potential in the Philippines.There has been much discussion on the shift to alternative sources of energy at home in recent months as extreme heat from the El Niño weather phenomenon jacked up power consumption among households and businesses which led to thinner supply.But while wind and solar power sources have gained ground in the country, the Philippines has yet to allow the use of nuclear energy amid safety concerns.For Dimagiba, the talk was an opportunity not only to learn from Canada&#x27;s energy programs but also to invite North American companies to expand operations in the Philippines.&quot;Canada of course is very interested to give their experience,&quot; he said, &quot;[to] give us more ability to know how this works especially from the ground up because the Philippines doesn&#x27;t have much experience except for that period when we had an aborted powerplant.&quot;The conference also highlighted the skills of Filipino engineers and other workers who can heavily contribute to the industry.With the Philippine economy expanding at the fastest pace of 5.6% in Asia in 2023, the delegation to the Global Energy Show said the country offers a compelling investment proposition with its tax incentives and abundant natural and human resources.

The Philippines urges Canadian firms to invest in its renewable energy sector during a global energy event in Calgary.

PH woos Canadian firms to invest in renewable energy space

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PH woos Canadian firms to invest in renewable energy space

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Quay Evano | TFC News Calgary

Published Jun 21, 2024 03:47 PM PHT

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