Leading Emirati renewable energy provider Masdar sees the Philippines as a potential investment partner amid the government’s plan to make the country’s energy consumption green and sustainable.

Masdar, a clean energy pioneer positioning the United Arab Emirates at the forefront of the worldwide energy transition, is actively exploring partnership opportunities in the Philippines to invest in renewable energy projects, focusing on solar, wind, and geothermal power.

During her visit to Dubai last week, Trade Secretary Christina Aldeger Roque shared the Philippines’ National Renewable Energy Program (NREP), which aims to boost the country’s renewable energy share to 35 percent by 2030 and 50 percent by 2040.

The comprehensive target, along with the nation’s stable economic climate and supportive regulatory environment, presents an excellent opportunity for Masdar’s growth and expansion in the region.  

“We welcome Masdar’s vision to invest in the Philippines as it aligns perfectly with the vision of President Marcos Jr. for a greener future. The DTI and the Philippine government are committed to supporting sustainable energy initiatives that will not only drive economic growth but also ensure a greener future for our nation,” Roque said.

The meeting underscores the Philippines’ growing attractiveness as a destination for clean energy investment in Asia. Masdar, established in 2006 as part of the UAE government’s commitment to clean energy leadership, aims to develop up to 2GW of renewable energy capacity in the ASEAN region by 2025.

“The Philippines is rapidly emerging as a key player in the Asian renewable energy market. We are delighted to partner with Masdar to accelerate the development of solar, wind, and geothermal projects, which are vital to achieving our sustainability and energy security goals,” the DTI secretary said.  

Roque also engaged with key stakeholders in Dubai to promote investment opportunities in the Philippines across various sectors. Attracting investments in renewable energy is a critical component of the Philippine government’s strategy to achieve energy self-reliance and mitigate the impact of climate change.

Earlier, the Board of Investments, the investment promotion arm of the DTI, reported that as of September 2024, there are 128 RE projects given Green Lane Certification with a total project cost of P3.909 trillion ($69.792 B).