World Bank: The Philippines has Potential to Install 21GW of Offshore Wind by 2040

Reuters
Wednesday, April 20, 2022

The Philippines has the potential to install 21 gigawatt of offshore wind power by 2040, equivalent to about a fifth of its electricity supply by then, according to a study released by the Department of Energy and the World Bank on Wednesday.

The installation of more wind power will help cut the country's dependence on fossil fuels, which in 2020 accounted for about 79% of its power generation mix, government data showed.

Renewable energy only had a 21% share of the energy mix in 2020, down from 34% in 2008, with solar, wind and biomass together accounting for a little less than 4%.

Coal accounted for nearly 60% of the 2020 mix as many energy producers opted for projects using the fuel.

The government aims to increase the share of renewable energy to 35% by 2030 and to 50% by 2040.

The push comes as the Philippines, which is vulnerable to weather-related disasters sometimes linked to climate change, has pledged a 75% reduction in greenhouse gas emissions by 2030 under the Paris Agreement on Climate Change. Read full story

"The Philippines' waters have conditions that are well-suited to offshore wind," said Ndiamé Diop, World Bank country director for Brunei, Malaysia, the Philippines and Thailand.

But there are challenges establishing a wind power industry in the Philippines at a large scale, such as cost, transmission, logistics, financing and ownership issues, World Bank officials said.

Offshore wind is more expensive than other forms of renewable energy. To drive down costs, transmission grid upgrades will be required to connect projects at large scale, they said, noting additional risks associated with gaining investments in this area and with foreign ownership limited to 40%.

(Reuters - Reporting by Enrico Dela Cruz / Editing by Ed Davies)

Categories: Energy Renewable Energy Industry News Offshore Wind Activity Asia

Related Stories

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

ABL Lands Work on BP’s Indonesian Gas and CCUS Project

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com