The Daily Tribune
Eyes on the prize: DoE targets $25-M fund
The Philippines requires an estimated $500 billion in investments to achieve a significant clean energy transition, according to Energy Secretary Raphael Lotilla.
The government aims to increase renewable energy's share in the power mix to 35% by 2030 and 50% by 2050.
Lotilla highlighted that the substantial investment capital will facilitate the retrofitting or phasing out of existing fossil fuel power plants.
As of the end of 2023, renewable energy sources accounted for 29.7% of the total power mix, while coal remained dominant at 43.9%.
The Philippines has been chosen by the Coalition for Emerging Market Infrastructure Investment (CEMII) as an initial focus market for infrastructure investments within the Indo-Pacific Economic Framework (IPEF) economies.
The country is aiming to secure $25 million from CEMII to support this transition, though Lotilla expressed hope for securing up to $25 billion from the group's $25-billion fund for energy investments in IPEF economies.
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