Philippines takes 3rd place in advancing renewable energy projects

The Philippines was ranked third among countries that made huge progress in implementing renewable energy initiatives, according to research from the Ocean Science and Technology.

The study reported that the country had an overall rank of 81.31 among 81 countries, only next to Chile and China which placed first and second, respectively.

“The geographical advantages of The Philippines in the Pacific Ring of Fire, create strong potential for harnessing renewable energy. Unsurprisingly, geothermal energy accounts for 14 percent of renewable energy sources in the country,” the organization said.

It also reported that Asia and Oceania were seen to implement more renewable projects which increased by 186 percent, the highest growth of all continents, “however, Europe seems to be trailing behind and has actually recorded a decrease of 80 percent.”

Completing the top five were Cyprus and the United States of America, garnering points of 71.64 and 67.42 each.

Meanwhile, at the bottom of the list were Slovenia, Latvia, and Slovakia with 1.00, 9.76, and 12.55 ranking points.

The organization stated that the ranking can be utilized by policymakers, businesses, and researchers to support continued progress in renewable energy innovation.

“This landmark study underscores the critical advancements and diverse approaches nations are taking to harness the power of renewable energy and reduce reliance on fossil fuels,” said Mike Rees, founder of Ocean Science and Technology.

"The exponential increase in renewable energy patents since the turn of the millennium is encouraging, and we are proud to celebrate those countries making the biggest strides towards a sustainable future,” he added.

The data was collected and normalized into a ranked list of countries based on the following topics and weightings, increase or decrease in amount of renewable projects between 2000-2021 (60 percent), population of the country (15 percent), wealth index score of the country (15 percent), amount of renewable energy projects (10 percent).

The country was also ranked the fourth most attractive developing economy for renewable energy investment among 110 emerging economies, according to the BloombergNEF Climatescope 2023 report.

In 2022, the Marcos administration amended the RE law to allow complete foreign ownership of RE projects in the country, which was previously limited to 40 percent.