Yes, renewable energy is a good investment in the Philippines. It is estimated that investing in renewable energies today will contribute as much as 50% of the country’s total energy supply by 2030. Additionally, renewable energy development will save the Philippines PHP4.04 billion annually. The Department of Energy is pursuing initiatives to ensure affordable, reliable, modern, and sustainable energy for all Filipino citizens.
Solar Power in the Philippines
Yes, renewable energy is a good investment in the Philippines. Solar power specifically has a lot of potential in the country. With strong government support, solar power could contribute as much as 35% of the country’s total energy supply. This would save the Philippines billions of pesos and help to reduce pollution and climate change.
Wind Power in the Philippines
Studies show that investing in renewable energies today will contribute as much as 50% of the country’s total energy supply by 2040, according to the Philippine Energy Plan. This would mean lower electricity costs, as well as greater energy security and independence.
The Philippines is endowed with many renewable resources, such as geothermal, solar, and wind power. harnessing these could create significant economic opportunities while also helping to protect the environment.
Investing in renewable energy is therefore a sound decision for the Philippines, both in terms of economic development and environmental protection.
Hydro Power in the Philippines
The Philippines envisions tripling renewable energy capacity by 2030. This plan will increase hydropower capacity by over 160%. As of the end of 2020, the Philippines had an installed capacity of 3 779 megawatts (MW) of hydropower.
1 928 MW of geothermal power, 1 019 MW from biomass, 505 MW from solar, and 327 MW from wind. Investing in renewable energy could create a more stable electricity system while helping the Philippines rebound from the economic crisis caused by Covid-19.
A recent study finds that investing in renewable energy is a better option than continuing to use coal for electricity generation. The results show that investing in renewable energy today will contribute as much as 50% of the country’s total energy supply by 2030.