Investors told to step up for Phl energy transition

With the government playing a supporting role, Energy Secretary Raphael Lotilla is urging investors to take the wheel and drive the Philippines toward its energy transition goals.

- By BRIX LELIS

While acknowledging the government's crucial role in the country's power industry, Lotilla said the private sector "needs to step up" as well in terms of investments.

"The private sector needs to share the responsibility for progress, or lack of it, in the energy sector. It's not fair to put it all on the government. If the private sector is a full partner, it needs to take full responsibility," he said.

According to the BloombergNEF Climatescope 2024 report, the Philippines ranked as the second most attractive emerging hub for renewable energy (RE), closely trailing India.

Given this development, Lotilla emphasized the need for the private sector to capitalize on these opportunities.

"We've come a long way since we were 40 percent or more self-reliant on renewable energy. Since we privatized the power sector, our renewable energy contribution has been declining because we largely left it to the market," he said.