In an interview with The STAR here, ADB country director for the Philippines Pavit Ramachandran said RE is an area that the multilateral lender is excited about as it crafts the new CPS.TBILISI — The Asian Development Bank is looking at directly engaging with the Philippine government on financing renewable energy projects as part of its country partnership strategy over the medium-term.
For now, ADB is doing work with the private sector in terms of RE through loan deals such as the P5.5-billion sustainability-linked loan with ACEN Corp. of the Ayala Group in December last year. Data showed that only 29 percent of the country’s current energy mix comes from renewables. The Department of Energy would like to bring it up to 35 percent by 2030 or to 50 percent by 2040, as outlined in the RE roadmap.
Another area of interest for ADB is agriculture amid several structural and policy challenges that hinder the growth potential of the sector.
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