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Manila Bulletin devider Philippines devider National devider 'Fantastic!': Zubiri lauds Philippines rise to 2nd spot in renewable energy investments

'Fantastic!': Zubiri lauds Philippines rise to 2nd spot in renewable energy investments

Published Dec 13, 2024 03:51 am

Senator Juan Miguel “Migz” Zubiri on Friday, December 13 welcomed the Philippine’s rise to the second spot in BloombergNEF Climatescope’s 2024 rankings for “the most attractive emerging markets for renewable energy (RE) investment.”

 

Zubiri said this is concrete proof that the country is on its way to having a successful RE industry, considering its commitment to RE investments.

 

“This is a fantastic development built on our whole-of-government approach towards increased usage of renewable energy, led of course by the Department of Energy,” Zubiri said, emphasizing the collaborative efforts driving the sector’s success.

 

BloombergNEF Climatescope placed the Philippines ahead of China and second only to India.

 

Zubiri, chairman of the Senate economic affairs committee, said this is direct acknowledgment of the Philippines’ robust regulatory framework supporting RE.

 

“We have come a long way since we pushed for the Renewable Energy Act, and I am very excited to see it finally bearing fruit, and bringing us to the forefront of the global renewable energy sector,” the former Senate President.

 

Zubiri is principal author of the Renewable Energy Act of 2008. The law set the foundation for the country’s journey to renewable energy.

 

At the same time, the senator praised the Department of Energy (DOE) for its commitment to increasing the share of renewables in the national energy mix, aiming to grow it from 22 percent to 35 percent by 2030. 

 

“I want to congratulate the DOE, in particular, for their efforts to increase the percentage of renewable energy in our energy mix,” he said. 

 

“No doubt, this has made way for more investors to put their money behind renewable energy,” the lawmaker also reiterated. 

 

“With more renewable energy investors coming in, particularly foreign investors, then we can look forward to a more competitive renewable energy sector that can offer more affordable services for our people,” Zubiri stressed.

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migz zubiri Department of Energy (DOE)
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