Renewable energy continued to attract the bulk of strategic investments under the government’s Green Lane initiative, with 13 projects worth P344.62 billion approved in the first five months of the year as investor confidence remains strong.
The Department of Energy (DOE) said Thursday that the projects accounted for 99.6 percent of the P346 billion in total Green Lane investments certified during the January-to-May period.
The 13 projects are also expected to generate 38,716 direct jobs, representing 99.7 percent of the initiative’s total projected employment target of 38,818 jobs for the period.
“RE is not a side story in our economic growth, it is the headline. The P344.62 billion that investors are committing to RE under the Green Lane is proof that the Philippines is a destination for clean energy business, and that Filipino workers will be the first to benefit,” Energy Secretary Sharon S. Garin said.
The DOE said the latest certifications mirror the sustained investor interest in renewable energy to expand the country’s power generation capacity amid rising electricity demand.
“Every megawatt of solar, wind, hydro, and geothermal power we bring online is a community energized, and a step closer to true energy independence. We will continue to work with our industry partners to ease every barrier standing between these projects and the Filipino people they are meant to serve,” Garin added.
Since the Green Lane initiative was launched in February 2023 through Executive Order No. 18, the Board of Investments has certified 237 projects valued at P6.32 trillion, with an estimated 420,037 jobs expected to be created.
Renewable energy remains the largest contributor to the program’s investment portfolio, accounting for 182 projects worth P5.41 trillion, reflecting the sector’s continued appeal to investors and its growing role in the country’s development agenda.
To sustain investment momentum, the DOE said it will continue working closely with government agencies, local government units, investors, and other stakeholders to help certified projects move efficiently from development to commercial operation.
The DOE pointed to streamlined regulatory processes, improved policy certainty, and sustained government support for renewable energy as key factors driving investor confidence.