Intra Day Investing

  /  Economy   /  DoE seeks Japanese participation in PHL decarbonization plan

DoE seeks Japanese participation in PHL decarbonization plan


THE Department of Energy (DoE) said it is in talks with Japanese companies interested in the government’s decarbonization program and renewable energy projects.

“Our government is always keen to work with the private sector on projects which would be mutually beneficial for both parties. With this, our gradual transition to a low-carbon economy entails the diversification of our energy sources, especially cleaner and indigenous sources, such as renewable energy, to intensify decarbonization efforts across all economic sectors as part of our broader national strategy,” Energy Secretary Raphael P.M. Lotilla said in a statement on Thursday.

The Philippines is aiming to become a low-carbon economy through renewable energy and greater use of indigenous energy sources.

Last year, the government opened the renewable energy industry to full foreign ownership after amending the implementing rules and regulations of the Renewable Energy Act of 2008.

Mr. Lotilla pitched Japanese companies at the Asia Zero Emission Community Ministerial meeting in Tokyo on March 3-4.

The Philippine Energy Plan seeks to increase the share of renewables to 35% by 2030 and to 50% by 2040.

The DoE said this translates to greenhouse gas emissions reduction of about 35% or 119 million tons of carbon dioxide by 2040.

“Full foreign ownership also opens rich opportunities to new areas in energy, such as gas pipelines,” Mr. Lotilla said. — Ashley Erika O. Jose

Post a Comment