Philippines welcomes Chinese investment in renewable energy, particularly in offshore wind projects

Philippine Trade and Industry Secretary Alfredo Pascual

5th June 2023 – (Manila) The Department of Trade and Industry in the Philippines has announced that the country is keen to attract Chinese investment into renewable energy, which is a priority sector for the Philippine government. At a recent forum on offshore wind, Philippine Trade and Industry Secretary, Alfredo Pascual, expressed hope that the country would draw in more offshore wind power projects, particularly from China. Pascual highlighted that the Philippines’ geographical position puts it in an enviable position to harness renewable energy. The country needs 52,800 megawatts of renewable energy capacity to achieve its target of having 50% renewable energy in its power generation mix by 2040.

Pascual also pointed out that the demand for energy in the Philippines is growing, particularly for green energy, and is expected to outpace the current supply level. According to the World Bank Group, the Philippines has 178 gigawatts of technical offshore wind potential and can deploy 40 gigawatts of offshore wind electricity by 2050.

In May, Philippine President Ferdinand Romualdez Marcos signed an executive order mandating the creation of a policy and administrative framework for the optimal development of offshore wind resources in the country. The Philippines’ Board of Investments has approved three offshore wind projects worth 390 billion pesos (around 6.95 billion U.S. dollars) in the first quarter, with a total capacity of 1,300 megawatts.

Pascual stated that Chinese investors and businesses can rely on the country’s roadmap in offshore wind development. The Philippines is looking forward to seeing more Chinese investment in renewable energy, which is crucial for achieving its ambitious renewable energy targets.