Report cites offshore wind bid’s potential
‘For the Philippines to fully capitalize on these offshore wind opportunities, the government needs to refine existing policies and scale up its local supply chain’
Daily Tribune‘For the Philippines to fully capitalize on these offshore wind opportunities, the government needs to refine existing policies and scale up its local supply chain’
The country has the potential to emerge as a leader in the offshore wind industry in the Asia-Pacific region by leveraging its strengths in shipbuilding, skilled labor and critical mineral reserves, according to a new report from the Global Wind Energy Council (GWEC).
The new study emphasized the need for refined policies to harness these advantages, establish a robust supply chain, and support the country’s renewable energy ambitions.
While the government has demonstrated strong political will in developing the offshore wind sector, the report highlighted the necessity of further policy adjustments.
It recommended streamlining regulations to simplify and expedite approval processes for offshore wind projects, creating a predictable and attractive investment climate.
Additionally, the report called for incentives such as tax breaks and subsidies to encourage local industries to pivot or scale up to meet the sector’s growing demands.
Will to develop
“The Philippines is off to a good start with the government showing a strong political will in developing its offshore wind market.”
“However, for the Philippines to fully capitalize on these offshore wind opportunities, the government needs to refine existing policies and scale up its local supply chain,” Ann Margret Francisco, GWEC’s Philippines country manager, said on Wednesday.
The study underscored the importance of developing a skilled workforce to support the sector’s growth through expanded technical training programs.
It also advocated aligning local policies with international standards and fostering regional cooperation, positioning the Philippines as a hub for offshore wind development in the Asia-Pacific marketplace.
A well-developed domestic supply chain, the report noted, would improve the economics of local offshore wind projects, reduce bottlenecks and accelerate installations.
By harnessing its unique strengths and implementing a comprehensive approach, the Philippines could also position itself as a competitive player in the global offshore wind market, contributing significantly to the energy transition across the region and beyond.
The Department of Energy projects an increase in offshore wind capacity ranging from 19 to 50 GW by 2050, with existing offshore wind service contracts totaling 67.26 gigawatts (GW).
The GWEC report indicated that an accelerated development scenario, driven by favorable policies and high industry engagement, could see the Philippines install 8.5 GW of offshore wind capacity by 2034.