MODULE 4

Foreign Investments and Renewable Energy in the Philippines

• The Philippines aims to attract foreign investments to capitalize on its renewable energy potential, reducing dependence on foreign fossil fuel imports.

Climate Objectives and Renewable Energy Benefits

• The Philippines' long-term climate objectives include mitigating climate change by transitioning to renewable energy sources, primarily hydro, geothermal, wind, and solar power.
• Renewable energy sources have zero greenhouse gas emissions, contributing minimally to climate change.
• One benefit of renewable energy is improved human health due to reduced air pollution from fossil fuels.
• The utilization of renewable energy is increasingly relevant in the Philippines due to the need to reduce dependence on foreign fossil fuel imports.

Renewable Energy Capacity and Global Rankings

• The Philippines has a prominent global ranking in geothermal energy production.

Challenges and Economic Benefits

• The Philippines faces pressing challenges related to climate change, including rising temperatures, sea-level rise, and increased frequency of natural disasters.
• Renewable energy investments provide economic benefits, such as job creation, increased energy independence, and reduced energy costs.

Policy Shift and Renewable Energy Capacity

• The Philippines' Department of Energy (DOE) recently shifted its policy to prioritize renewable energy development and reduce dependence on fossil fuels.
• The Philippines has an estimated renewable energy capacity of over 250,000 MW, with significant potential for wind, solar, and hydroelectric power.