The Philippines has inked a memorandum of understanding (MOU) with the United Arab Emirates (UAE) to collaborate on renewable and nuclear energy among others, with an implementation agreement set to be inked with a UAE state-owned company in January 2025.
The Department of Energy (DOE) on Sunday said the MOU identifies areas of collaboration as renewable energy; liquefied natural gas as a transition fuel; power generation, transmission, systems; nuclear energy; energy efficiency and conservation; and alternative fuels and emerging technologies.
The MOU was said to be among the key agreements reached during the working visit of President Ferdinand “Bongbong” Marcos Jr. to the UAE last month, where he met with President Mohamed bin Zayed Al Nahyan.
The terms were discussed with UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouel, with the dialogue focusing on business collaborations, and promoting the Philippines as a prime destination for Emirate investments.
“By combining the UAE’s leadership in innovative energy solutions with the Philippines’ ambitious drive for energy security and sustainability, this initiative has the potential to transform not only industries but also the lives of millions of Filipinos,” the DOE said.
“By attracting investments in energy infrastructure, the partnership will generate new jobs, enhance local expertise through technology transfer and capacity building, and support the development of a robust energy ecosystem,” it added.
Energy Secretary Raphael Lotilla in October said the Philippines would need $500 billion worth of investments to attain its substantial clean energy transition, as it seeks to raise the renewable energy’s share in the country’s power mix to 35% by 2030, and to 50% by 2050.
—RF, GMA Integrated News
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