Zubiri praises growth in PH RE investment

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SEN. Juan Miguel Zubiri on Friday praised the Philippines for climbing to the second position in BloombergNEF’s Climatescope 2024 rankings of “the most attractive emerging markets for renewable energy investment.” This achievement highlights the nation’s increasing commitment to renewable energy (RE).

“This is an excellent development built on our comprehensive government approach toward increasing the usage of renewable energy, spearheaded by the Department of Energy,” Zubiri said, highlighting the collaborative efforts propelling the sector’s success.

This achievement, which places the country ahead of China and second only to India, is BloombergNEF’s acknowledgment of the Philippines’ robust regulatory framework supporting RE.

Sen. Juan Miguel Zubiri. PHOTO BY MIKE ALQUINTO

Also, the country has implemented all nine power policies evaluated in the rankings, including renewable energy targets, feed-in tariffs, import tax incentives, priority grid access, renewable energy certificates, renewable energy auctions, net metering, VAT incentives and renewables mandates.

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Zubiri, who chairs the Senate Committee on Economic Affairs, is the principal author of the Renewable Energy Act of 2008 that sets the first step for the country’s renewable energy journey.

“We have come a long way since we pushed for the Renewable Energy Act, and I am very excited to see it finally bearing fruit and bringing us to the forefront of the global renewable energy sector,” the former Senate president said.

Further, the senator praised the Department of Energy (DOE) for its commitment to increasing the share of renewables in the national energy mix, aiming to grow it from 22 percent to 35 percent by 2030.

“I want to congratulate the DOE, in particular, for their efforts to increase the percentage of renewable energy in our energy mix. No doubt, this has made way for more investors to put their money behind renewable energy,” Zubiri said.

Also, the growth of renewable energy investments promises significant benefits for consumers.

“With more renewable energy investors coming in, particularly foreign investors, then we can look forward to a more competitive renewable energy sector that can offer more affordable services for our people,” Zubiri said.

He mentioned that the Public Service Act, which permits up to 100 percent foreign ownership in the energy sector, is expected to further enhance foreign investments, making the renewable energy market more competitive.

Zubiri also highlighted the economic and environmental benefits of renewable energy development.

“We’re on a good path now, and I hope we can continue pushing for an even stronger renewable energy sector in the country. It’s better for the environment and better for our people’s pockets,” he said.

This milestone in renewable energy also positions the Philippines as a leader in the global push for sustainability.

Zubiri said that by attracting more investments, the country is not only addressing climate change but also creating opportunities for economic growth and energy security.

Direct foreign investments in renewable energy have surged, bolstered by policies aimed at incentivizing sustainable practices and supporting the transition from fossil fuels. These measures align with global trends and reinforce the Philippines’ role as a model for emerging markets in renewable energy.

With policies firmly in place and investor confidence at an all-time high, Zubiri believes the Philippines can maintain its upward trajectory in the sector.

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