MANILA – Investors in the renewable energy sector are urged to look into opportunities in the Philippines as the country targets to achieve the 15,304-megawatt (MW) renewable capacity by 2030.
During the German Energy Week online forum of the German-Philippine Chamber of Commerce and Industry Wednesday, Renewable Energy Association of the Philippines (REAP) president Erel Nerida said the country needs at least 760 megawatts installed renewable energy capacity annually until 2030 to hit the target under the National Renewable Energy Program.
Nerida said installed capacity in 2019 reached 7,399 MWs.
This means that only 1,961 MWs of renewable energy was added in a decade from the country’s existing renewable capacity of 5,438 MWs in 2010.
“Growth and development on renewable energy segment for installed generating capacity have been recently flat, averaging 5-percent increase after a jump of 12 percent in 2016 as compared to coal averaging almost 17 percent annually for the last five years,” Nerida said.
While access to financing remains the main challenge in investing in renewable energy technology, excessive bureaucracy and transmission infrastructure are also some of the challenges faced by industry players in venturing to renewable energy projects.
“Sustainable energy does not only mean to build more renewable energy plants to address the increasing demand, but it should also go hand-in-hand with energy efficiency and conservation,” he added.
Nerida also encouraged industries to look into productive use of renewable energy, such as solar water pumping system for irrigation of rice and high value crops, as well as water desalination and purification; renewable energy-powered rice thresher and mobile rice mill in agriculture, and food production; cold storage facilities; sprinkler system; and coffee pulper.