DOE Exec Laments Financing Gap in Renewable Energy Dev't

Lowering capital costs for renewable energy (RE) development is critical in achieving a just energy transition for the Philippines, a senior energy official said, urging global support to close the financing gap.

- By Brix Lelis

Speaking at the recent International Renewable Energy Agency (IRENA) assembly, Energy Undersecretary Rowena Cristina Guevara said that an affordable energy transition is key to accelerating the shift to renewables.

"At the end of the day, in order for the energy transition to be just, we need to afford the electricity generated from renewable energy. But in order for that to happen, we hope our partners will be able to address the financing gap," Guevara said.

Under the Philippine Energy Plan, the country wants to scale up the share of renewables in the energy mix to 35 percent by 2030 and 50 percent by 2040.