The United Arab Emirates (UAE) is investing $15 billion (about 21 trillion won) in expanding renewable energy within the Philippines.
Reuters reported on the sixteenth (local time) that the Philippine government signed an agreement with UAE state-owned company Masdar to develop solar, wind, and battery storage systems with a capability of 1GW by 2030. To realize the Philippines’ goal of reducing greenhouse gas emissions by 70% by 2030, Masdar decided to take a position $15 billion (about 21 trillion won).
As of 2022, the proportion of renewable energy within the Philippines is 23%, and more investment and installation are needed to attain the goal of accelerating to 35% by 2030 and 50% by 2040. Accordingly, the federal government signed an energy conversion cooperation MOU with Masdar, a UAE state-run company, in 2024.
Masdar has ambitions to expand its renewable energy capability to 10 GW by 2035, exceeding its current goal of 1 gigawatt (GW).
“We are going to leverage the UAE’s world-class renewable energy expertise and the Philippines’ abundant natural resources to expand global renewable energy capability,” said Masdar Chairman Sultan Ahmed Al Jaber.
Philippine Energy Secretary Rafael Rotilla said, “This cooperation, which builds on the long-standing ties between the 2 countries, will greatly contribute to achieving the goal of accelerating the Philippines’ share of renewable energy by 35%,” adding, “Specifically, Masdar’s utility-scale renewable energy solutions. “I actually have high expectations for its capabilities,” he said.
Within the Philippines, the Investment Committee under the Philippine Department of Trade and Industry applied the ‘Green Lane’ system for the ‘Terra Solar’ project, the world’s largest solar energy and battery storage system with a capability of three.5GW, last 12 months, expediting the project approval process. We’re actively working to put in renewable energy.
Reporter Jaeseung Lee energy@aitimes.com
