Philippines Seeks Clean Energy Investments in UAE for Sustainable Development
Key Ideas
- Philippine companies collaborate with UAE entities like Masdar and ENEC to secure investments in clean energy infrastructure and hydrogen projects.
- The Philippines aims to increase the share of renewables in its energy mix to 35% by 2030 and 50% by 2040, with a focus on solar, wind, and battery storage projects.
- Partnerships with UAE and Saudi Arabia, along with agreements with South Korea, show a strong commitment to advancing energy cooperation and sustainability goals.
- The country plans to develop nuclear energy capabilities aiming for 1,200 MW by 2032 and significant expansion by 2050, requiring substantial investments of up to P31 trillion.
The Philippines, represented by State-run Maharlika Investment Corp. and several energy companies like ACEN Corp., Aboitiz Power Corp., and others, participated in a business delegation to the UAE. The delegation engaged with prominent entities like Masdar and ENEC to attract investments in clean energy projects, including hydrogen and nuclear. Discussions included the development of solar, wind, and battery storage projects in the Philippines, aligning with the country's renewable energy targets. The aim is to enhance energy security and sustainable development through energy diplomacy. The Philippines also signed agreements with Saudi Arabia and South Korea to strengthen energy cooperation, focusing on renewable energy, nuclear power, and climate change mitigation. The partnerships signify a significant step towards achieving the country's energy goals, including the development of nuclear energy capabilities to meet future energy demands.