The Philippine economy is expected to grow thanks to renewable energy according to Secretary Frederick D. Go of the Office of the Special Assistant to the President for Investment and Economic Affairs. During the recent Philippine Economic Briefing on May 27, 2024, Secretary Go disclosed to reporters on the sidelines of the briefing that investments in renewable energy will lead the country’s growth. Aside from renewable energy, another source of growth is semiconductors, the country’s main export.
Business World Online reports that renewable energy projects worth P1.57 trillion have recently been approved to go through the “green lane.” Green lanes fast-track the approval process for strategic investments.
Green lane
A green lane for investments was created by power of Executive Order 18 (EO 18) Constituting Green Lanes for Strategic Investments. Under EO 18, green lanes mean that government agencies are expected to expedite the processing and approvals of permits and licenses for designated projects.
On top of the list of projects identified for green lanes is clean energy sources. This includes renewable energy, hydrogen, nuclear, and energy storage. Other projects qualified for green lanes are: green metals; electronics; defense-related projects; aerospace; electric vehicles; pharmaceuticals; LNG storage and regasification; PPP and infrastructure projects; specialty hospitals; water treatment, supply and distribution, and new products and new technologies.
Greening the grid
Mindanao leads the country’s thrust towards increased use of renewable energy. As of October 2023, Mindanao’s power generation mix was at a high 39% renewable energy, exceeding the national target of 35% by 2030. The region is looking forward to more investments in solar, hydro, biomass, and other possible sources of renewable energy with the support of the government.
“Let us re-green the Mindanao grid,” said Romeo Montenegro, Assistant Secretary and Deputy Executive Director of the Mindanao Development Authority (MINDA) at the Local Energy Planning Workshop organized by the Mindanao Renewable Energy Acceleration and Coordination Hub (MinReach).
Renewable energy may be the ticket to the country’s growth, but it also serves to protect the environment and improve the quality of life of the citizens. Thus, investments in this area are more than welcome. As Mindanao leads the way to sustainable development through the use of renewable energy, the rest of the country won’t be far behind.
