An open community of thought leaders and Danish companies to inspire and promote green collaboration between Denmark and Southeast Asia #GreenTogether
The Philippines, with its 7,641 islands, has a total population of approx. 108 million. The country relies heavily on the imports of fossil fuels to meet its energy needs. To further support the growing industrialization of the Philippines, the Department of Energy (DOE) is formulating a responsive and dynamic energy mix, as well as establishing the local reserve requirements. In terms of renewable energy, the Philippines is targeting 20,000MW RE Installed capacity by 2040. The plans, regulations and reforms are stated in the Philippine Energy Plan 2018-2040. The National Renewable Energy Board (NREB) has identified the Renewable Energy Potential capacity of the Philippines showing solar energy leading at 13,217.7MW followed by hydropower at 12,880.6 MW and wind is at 4,007.7 MW. Policies were recently rolled out to encourage the development of renewable energy projects in the country. The Philippine government is preparing to launch the largest stimulus program in the country’s history – the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). Its performance-based fiscal incentives, will steer private capital towards new investments in renewable energy.
In 2019, the Philippine Energy Efficiency and Conservation Act (Republic Act 11285) was signed into law which may open opportunities for Danish companies offering expertise and technologies on energy-efficiency.