October 1, 2024 | 12:00am
MANILA, Philippines — A coalition of global investors and partners dedicated to mobilizing infrastructure investment across the Indo-Pacific region has chosen the Philippine energy sector as its initial focus market.
The Coalition for Emerging Market Infrastructure Investment (CEMII) has identified the Philippines as a prime market, dubbing it the “fastest-growing economy in Southeast Asia.”
Launched in June, CEMII is convened by the Indo-Pacific Partnership and Prosperity (IP3) and co-chaired by investment houses Global Infrastructure Partners and KKR.
“The Philippines is an ideal market to initiate this effort given its rapid growth in energy demand and ambitious renewables target,” IP3 executive director David Talbot said.
CEMII’s entry into the Philippines is expected to drive investments quickly and at a scale, as the country embraces the Herculean target of increasing the share of renewables in the energy mix by over 50 percent by 2050.
Energy Secretary Raphael Lotilla welcomed this initiative, highlighting that the partnership complements the country’s transition toward a more sustainable, clean and resilient energy sector.
“We look forward to working closely with the coalition to realize our shared vision of a clean energy future for the Philippines and the broader Indo-Pacific region,” Lotilla said.
The IP3 cited the crucial role of the Philippines in boosting the region’s economic and energy landscape, with the country’s energy consumption projected to grow by three percent annually until 2050.
To meet its clean energy targets, the Philippines aims to secure up to P31 trillion in investments by 2040.
Moving forward, the Department of Energy and CEMII would engage in high-level meetings to explore mutual areas of interest and craft a joint roadmap to accelerate investment in clean energy infrastructure.
Aiming to develop successful infrastructure projects, the coalition estimates that its members have over $25 billion in capital that can be deployed into emerging markets across the Indo-Pacific region.
Its members include Allied Climate Partners, BlackRock, Brookfield, GIC, The Rockefeller Foundation and Temasek.
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