President Marcos has stressed the immediate need for an inclusive energy transition, as he acknowledged that having clean energy is vital to attain a “sustainable future”.
“The Philippines joins our partners in recognizing the need to accelerate a clean, sustainable, just, affordable, and inclusive energy transition towards carbon neutrality, net-zero emissions in our region built on mutual trust, and in a manner that is compatible with economic growth and resilience, especially through innovation,” he in a speech at the meeting of Asia Zero Emission Community (AZEC) leaders at the Prime Minister’s Office in Tokyo, Japan on Monday.
Mr. Marcos noted that in the Philippines, the development of renewable energy sources is “now open to 100 percent foreign ownership”.
He added that the country has eased foreign ownership restrictions for renewable energy projects.
“We have set in place targets to increase the renewable energy (RE) share in the power generation mix by 35 percent in 2030 and 50 percent in 2040,” the President said.
“This would amount to around 3.3 billion tons of avoided GHG emissions over the 2023-2050 planning horizon, almost doubling the country’s targeted emission reduction from the business-as-usual for the same period,” Mr. Marcos added.
He said investors in the Philippines can now avail of the simplified rules for building Renewable Energy facilities and may also enjoy additional incentives such as income tax holidays and duty-free importation of capital equipment.
The President urged AZEC partners to invest not only in the Philippine renewable energy industry but also in other emerging technologies that introduce energy efficiency and conservation measures.
“Together, we can help achieve our nationally determined contribution targets, as well as the overall goal of AZEC and the Paris Agreement,” he said.
Mr. Marcos also thanked Japan for its interest in partnering with the Philippines to formulate a roadmap for energy transition, saying it would pave the way for the creation and realization of the AZEC Center which is currently being organized.