THE Department of Trade and Industry (DTI) said it met with Masdar, the United Arab Emirates (UAE) developer of future-energy projects, to explore investing in renewable energy (RE) in the Philippines.
In a statement on Wednesday, Trade Secretary Cristina A. Roque touted the Philippines as “a rapidly emerging key player in the Asian renewable energy market.”
“We are delighted to partner with Masdar to accelerate the development of solar, wind, and geothermal projects, which are vital to achieving our sustainability and energy security goals,” she added.
Masdar has a goal of developing up to 2 gigawatts of renewable energy capacity in ASEAN by 2025.
In the Philippines, Masdar is exploring opportunities to invest in solar, wind, and geothermal power projects.
“We welcome Masdar’s vision to invest in the Philippines as it aligns perfectly with the vision of President Ferdinand R. Marcos, Jr. for a greener future,” Ms. Roque said.
The Philippine target for the share of RE in the power mix is 35% by 2030 and 50% by 2040. — Justine Irish D. Tabile
