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Philippines raises minimum renewable energy capacity to 2.5% in power mix
(Eco Business, 3 Oct 2022) The government announced an increase on the minimum amount of renewable energy supplied to investors and end-users from 1 per cent to 2.5 per cent, in a bid to ramp up the country’s goal to reach 35 per cent clean energy by 2030.
The Philippines has grown its renewable energy capacity in line with the government’s target to utilise 35 per cent clean power by the end of the decade, the government announced on Wednesday.
Under the country’s renewable energy portfolio standards, a policy mechanism that mandates electricity suppliers to source an agreed portion of their energy supply from eligible clean power, the minimum amount of green energy supplied to distribution utilities or direct buyers will increase from 1 per cent to 2.5 per cent by 2023, the department of energy said in a statement.
The current share of solar, wind, hydropower, geothermal and biomass energy in the power generation mix is at 22 per cent.
“[The increase] will encourage more investors and end-users to develop and utilise domestic energy sources,” said Raphael Lotilla, department of energy secretary. “By increasing the annual percentage overtime, renewable energy would drive us on a path toward energy sustainability.”
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Eco Business, 3 Oct 2022: Philippines raises minimum renewable energy capacity to 2.5% in power mix
