The Philippines has leapfrogged its Southeast Asian neighbors to become a regional leader in planned clean-power projects as fewer investment restrictions and green-minded policies attract domestic and foreign cash.
Changes including allowing full foreign ownership of renewable energy projects have already helped secure a pipeline of 99 gigawatts of wind and solar developments. That¡¯s more than enough power to supply all Philippine households, and is ahead of Vietnam at 86 gigawatts and about five times higher than in Indonesia.
The energy transition in coal-dependent emerging nations like the Philippines will determine the success of global efforts to hit net zero targets and curb the worst impacts of climate change. Many middle-income nations are struggling, however, to balance the shift away from fossil fuels with growing energy demand and the need for economic growth.
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