MANILA, Philippines — The Philippines has emerged as among the four Southeast Asian markets that made it to the top 40 in the latest Ernst & Young (EY) Renewable Energy Country Attractiveness Index (RECAI 60).
Among the four Southeast Asian markets, the Philippines was the highest-ranked at number 27.
Vietnam was ranked 36th, Indonesia at 39th, and Thailand at 40th.
“The last couple of months have seen positive developments across Southeast Asian countries. For example, Thailand launched a 5-GW tender; Malaysia is opening up to 600-MW of corporate power purchase agreements; the Philippines awarded close to 2-GW through its Green Energy Auction Program tender; Vietnam is progressing toward the resolution of transition assets post-feed-in tariff; while the early coal retirement scheme in Indonesia is progressing and would be expected to enable a faster rollout of renewable energy,” said EY Asean Power & Utilities leader Gilles Pascual said.
“This sends a strong signal that Southeast Asia is committed to meeting its targets and creating a pipeline for developers and investors,” Pascual said.
Jhoanna Feliza Go, SGV Power and Utilities Sector leader, said the circular issued by the Department of Energy (DOE) opening the renewable energy sector to 100 percent foreign ownership, except for certain restrictions, is expected to help fast-track renewable projects in the pipeline and promote more opportunities to develop large-scale renewable projects.
“In addition, the DOE is preparing for the second round of its Green Energy Auction Program and the crafting of a regulatory framework for offshore wind industry development. These and other developments are expected to help the Philippines attain its target 35 percent renewable energy share in the country’s energy generation mix by 2030 and 50 percent by 2040,” Go said.
The RECAI 60 ranks the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
The US retained its top position due to the Inflation Reduction Act passed in August, which is viewed as a game changer for its green hydrogen industry.
China followed at number two as it remains committed to accelerating its renewable energy transition by seeking to bring emissions to a peak by 2030 and achieve net-zero emissions by 2060.
Germany climbed one place to the third spot as the renewables sector, boosted by its Easter package commitment, is expected to triple its expansion within a decade.
Overall, the RECAI 60 report showed that governments around the world are accelerating their renewables programs to help reduce their reliance on imported energy, in the face of continuing geopolitical tensions and economic uncertainty.