THE PHILIPPINES is among the five leading markets in developing Asia and Oceania for international renewable energy (RE) projects, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD said in its World Investment Report 2023, Investing in Sustainable Energy for All, that the Philippines was the fourth-leading host of international RE projects after India, Vietnam, and Taiwan. The fifth-largest market is Indonesia.
“The top host economies for international renewable energy projects in the region are India, Vietnam and Taiwan Province of China, which attracted more than 40% of the projects,” the report said.
The UNCTAD report called for “urgent support” to developing countries to help them attract more RE investment to meet global sustainability goals.
It added that developing countries need $1.7 trillion worth of RE investment annually, but attracted only $544 billion in foreign direct investment in clean energy last year.
“A significant increase in investment in sustainable energy systems in developing countries is crucial for the world to reach climate goals by 2030,” UNCTAD Secretary-General Rebeca Grynspan said. — Revin Mikhael D. Ochave