Clean Energy Finance and Investment Roadmap of the Philippines
In recent years, the Philippines has increased its commitment to climate action and
its efforts to decarbonise the domestic economy. The power sector in the Philippines
accounts for 58% of the country’s overall carbon emissions and will be an important
driver of domestic emission reduction efforts to meet national climate and energy
targets. Renewables, such as offshore wind, are expected to play a key role in the
transition toward a low-carbon energy mix. With more than 17 thousand kilometres of
coastline, the Philippines is estimated to have an offshore wind potential of 178
GW. However, this potential has yet to be leveraged. Alongside a changing power sector,
progress on energy efficiency is needed to achieve the country’s emission reduction
goals, with energy savings estimated at approximately 2% annually for the residential
and commercial sectors. To deliver a clean energy transition, the Philippines requires
estimated cumulative investments of over USD 300 billion between now and 2040. This
report outlines key actions needed to unlock finance and investment in offshore wind
power and energy efficiency in public buildings. It also provides a comprehensive
overview of the progress to date and the challenges to mobilise near-term finance
in those sectors, assist the Philippines transition towards a low-carbon economy,
and achieve broader development goals.
Available from February 20, 2024
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