Philippines ranks second most attractive for renewable energy investment

It expects more RE investments after allowing full foreign ownership.

The Philippines’ Department of Energy (DOE) welcomed the 2024 Climatescope Report by BloombergNEF that ranked the country as the second most attractive emerging market for renewable energy investments.

Citing the report, the DoE said the country’s latest ranking was an improvement from fourth place in 2023 and from 20th in 2021. This reflects the “effectiveness of the Philippines’ comprehensive renewable energy policies, which include auctions, net metering schemes, tax incentives, and an aggressive clean energy target of 35% renewable energy in the power mix by 2030.”

The department also recognised that much still needs to be done specifically in terms of renewable energy deployment as the peak demand is expected to grow 5.3% annually from 2024 to 2028.

“We look forward to realising the potential of increased foreign participation through recent reforms that allow 100% foreign equity in renewable energy projects. These measures aim to unlock greater investments in solar, wind, and hydro projects, fortifying the Philippines as a prime destination for clean energy ventures,” DOE said.