The Philippines was selected by the Coalition for Emerging Market Infrastructure Investment (CEMII) as an initial focus market for infrastructure investment across the Indo-Pacific Economic Framework (IPEF) economies, according to Raphael Lotilla, secretary of the Department of Energy (DOE).
Lotilla said in a statement yesterday this was announced by the Indo-Pacific Partnership for Prosperity (IP3), recognizing the Philippines as an ideal market for this transformative initiative given the country’s rapid growth in energy demand and ambitious renewables targets.
Lotilla said the partnership aligns perfectly with the country’s energy goals, particularly in the transition towards a more sustainable, clean and resilient energy sector.
“We look forward to working closely with the Coalition to realize our shared vision of a clean energy future for the Philippines and the broader Indo-Pacific region,” said Lotilla.
DOE said CEMII will launch the new strategy which will advance innovative, action-oriented approaches that enable capital to be deployed quickly especially that the Philippines is estimated to require around $500 billion in investment from 2024 to 2050 to achieve a successful clean energy transition.
The agency added it will collaborate with CEMII to identify mutual areas of interest and develop a joint roadmap to accelerate investment in clean energy infrastructure.
CEMII was initially introduced at the IPEF Clean Economy Investor Forum in Singapore last June to support IPEF economies in achieving their economic development, human capital and sustainability objectives.
CEMII also prioritizes the identification, promotion and development of successful infrastructure projects throughout the region.
CEMII is convened by IP3 and co-chaired by Global Infrastructure Partners and includes prominent financing members such as Allied Climate Partners, BlackRock, Brookfield, GIC, the Rockefeller Foundation and Temasek.
The Philippines does not have a binding plan to achieve net zero but targets to slash economy-wide greenhouse gas emissions by 75 percent for the period 2020 to 2030 under the updated Nationally Determined Contribution goal.
The government also aims to increase the renewable energy’s share in the power generation mix to 35 percent by 2030 and raise it further to 50 percent by 2050.
Based on data from the DOE, as of end-2023, total share of RE installed on-grid capacity comprised of hydro, geothermal, wind, biomass and solar technologies stood at 8,416 megawatts (MW) equivalent to 29.7 percent.
For the same period, coal-fired power plants with 12,406 MW installed on-grid capacity continues to lead with a 43.9 percent.
