Philippines Attracts International Interest for Hydrogen Exploration
Key Ideas
- The Philippines' Department of Energy has offered two areas in Zambales and Central Luzon for hydrogen exploration, attracting interest from companies worldwide.
- International players from Australia, Europe, and North America have shown keen interest in developing hydrogen sources in the Philippines.
- The Energy Department is pleasantly surprised by the level of international interest and plans to evaluate all proposals in August.
- The government has issued a policy to incentivize investments in hydrogen energy projects, offering various benefits like tax incentives and exemptions.
The Philippines has become the center of attention for hydrogen exploration, with the Department of Energy revealing plans to evaluate proposals from numerous international companies interested in developing hydrogen sources in the country. Energy Undersecretary Alessandro Sales expressed the department's surprise at the high level of interest among global players to participate in future hydrogen contracts. Energy Secretary Raphael Lotilla highlighted the European entities' interest in hydrogen, following the discovery of natural deposits in Mali and Europe. The government issued Department Circular No. 2024-01-0001 to encourage investments in hydrogen energy for power generation, offering incentives like tax holidays, special rates, and exemptions to attract investors. This move aligns with the government's goal of increasing renewable energy usage and securing the country's power supply. By consolidating guidelines and offering incentives, the Philippines aims to accelerate safe and efficient hydrogen development, positioning itself as a pioneer in hydrogen exploration in the region.
Topics
North America
Renewable Energy
Government Policy
Energy Sector
Investment Incentives
International Interest
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