Dubai, UAE — Highlighting the significance of boosting the Philippines’ renewable energy sector, Department of Trade and Industry (DTI) Secretary Cristina A. Roque met with top executives from Masdar, a global leader in renewable energy based in the UAE, to discuss potential collaborations and investments in the country’s renewable energy.

This meeting underscores the Philippines’ growing attractiveness as a destination for clean energy investment in Asia. Masdar, established in 2006 as part of the UAE government’s commitment to clean energy leadership, aims to develop up to 2GW of renewable energy capacity in the ASEAN region by 2025.

“The Philippines is rapidly emerging as a key player in the Asian renewable energy market,” said Secretary Roque. “We are delighted to partner with Masdar to accelerate the development of solar, wind, and geothermal projects, which are vital to achieving our sustainability and energy security goals.”

Masdar is actively exploring partnership opportunities in the Philippines to invest in renewable energy projects, with a focus on solar, wind, and geothermal power. With this, Secretary Roque shared about the Philippines’ National Renewable Energy Program (NREP), which aims to boost the country’s renewable energy share to 35% by 2030 and 50% by 2040. This comprehensive target, alongside the nation’s stable economic climate and supportive regulatory environment, presents an excellent opportunity for Masdar’s growth and expansion in the region.

“We welcome Masdar’s vision to invest in the Philippines as it aligns perfectly with the vision of President Marcos Jr. for a greener future. The DTI and the Philippine government are committed to supporting sustainable energy initiatives that will not only drive economic growth but also ensure a greener future for our nation.” Secretary Roque added.

The meeting with Masdar is part of Secretary Roque’s official visit to the UAE, where she engages with key stakeholders to promote investment opportunities in the Philippines across various sectors. Attracting investments in renewable energy is a critical component of the Philippine government’s strategy to achieve energy self-reliance and mitigate the impact of climate change. ♦

Date of release: 09 October 2024

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