Philippines Rises to 2nd in 2024 Climatescope Report, Emphasizing Renewable Energy Growth

The Department of Energy (DOE) has celebrated the Philippines’ rise to second place in the 2024 Climatescope Report by BloombergNEF, marking a significant leap from 4th place in 2023 and 20th in 2021. This achievement highlights the growing global confidence in the country’s commitment to the clean energy transition and sustainable growth.

The Philippines’ success is attributed to its comprehensive renewable energy policies, which include initiatives such as auctions, net metering schemes, tax incentives, and a clean energy target of 35% renewable energy in the power mix by 2030. The country stands as the only emerging market in the Asia-Pacific region with these mechanisms in place, positioning it as a model for sustainable energy development across the region.

While this milestone is notable, the DOE emphasizes that the work is far from complete. With an annual peak demand growth projection of 5.3% from 2024 to 2028, accelerating renewable energy development remains a critical priority to meet the growing energy demands of the expanding economy.

The Philippines is also poised to enhance foreign participation in the renewable energy sector through recent reforms that allow 100% foreign equity in renewable energy projects. These changes are expected to attract significant investments in solar, wind, and hydro projects, further strengthening the Philippines’ position as a leading destination for clean energy investments.

President Ferdinand Marcos Jr. has reaffirmed his administration’s dedication to renewable energy development, innovation, and creating a favorable investment environment. The government remains committed to leveraging the country’s abundant natural resources to foster economic growth and drive a sustainable energy future.

This recognition by BloombergNEF serves as an impetus for the DOE to intensify efforts to achieve its renewable energy goals, positioning the Philippines as a global leader in the energy transition.