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Philippines is ‘ripe’ for renewable energy —IRENA

Amid a growing economy’s ballooning energy needs, the Philippine market is “very ripe” for renewable energy, according to the International Renewable Energy Agency (IRENA).

“I think the Philippines is a very ripe market for renewables, partly because of cost savings potential,” IRENA program officer for Renewable Energy Project Development and Finance Arjub Guha told reporters in a press conference during the Asia Clean Energy Forum in Mandaluyong City.

Data from the Department of Energy showed the Philippines has a renewable energy potential of 4,000 megawatts (MW) for geothermal, 76,600 MW for wind, 10,000 MW for hydropower, 5 kilowatt-hours per square meter per day for solar, 170,000 MW for ocean, and 500MW for biomass.

“The demand is there at the community, at the public level. The demand for renewables is there because of its job creation potential, the cost saving potential,” Guha said.

The DOE has estimated that the Philippines will need 43,765 MW of additional capacity by 2040 to keep up with the demands of a growing economy. —VDS, GMA News