NEW renewable energy (RE) capacity hit a record 794.34 megawatts (MW) in 2024, exceeding the combined new capacity installed over the preceding three years, according to the Department of Energy (DoE).
“With sustained collaboration, strategic investments, and policy support, we are confident in achieving our target of increasing the renewable energy share in the power generation mix to 35% by 2030 and to 50% by 2040,” Energy Secretary Raphael P.M. Lotilla said in a statement on Tuesday.
Moreover, the government’s Net-Metering Program also accounted for around 141 MW between 2015 and 2024, while own-use renewable energy projects between 2009 and 2024 generated an additional 252 MW.
“These capacity additions have helped strengthen grid reliability and resilience, providing a more stable and secure energy supply,” the DoE said.
Mr. Lotilla attributed the growth in renewable energy capacity to the effectiveness of the government’s policies and commitment to chart “a more self-reliant energy future for the Philippines.”
Policy reforms, streamlined regulation, investment-friendly mechanisms, and the government’s “steadfast commitment to advancing clean energy” drove the growth in RE, according to the DoE.
Among the regulatory enhancements made was the integration of all applications and permitting processes for energy projects, including renewable energy, in the Energy Virtual One-Stop Shop System, which has improved the efficiency of application processing, allowing for more seamless approvals.
The increase in the minimum annual incremental renewable energy requirement to 2.5% from 1% under the Renewable Portfolio Standards has also led to stronger demand for RE.
Declining technology costs, such as the significant decrease in the cost of solar panels, also drove the capacity buildup, making solar more competitive with fossil fuels, according to the DoE.
“As the Philippines continues its aggressive push for renewable energy, the DoE remains committed to implementing policies and initiatives that will strengthen energy security, attract investments, and ensure a sustainable and resilient power sector for future generations,” it said.
Moving forward, the DoE said it will continuously monitor critical transmission line projects to ensure they are completed on schedule and can support the integration of additional renewable energy capacity.
It is also working with the Bangko Sentral ng Pilipinas and development lenders to explore the use of innovative financing instruments that support environmentally sustainable projects. — Sheldeen Joy Talavera