THE World Bank has approved a US$750-million loan that aims to boost the country’s environmental protection and climate resilience, which includes supporting the ongoing government reforms to attract private investment in renewable energy.
“Renewable energy can help the Philippines mitigate climate change and bring numerous benefits, including enhanced energy security, the creation of green jobs, and improved access to electricity. It is a crucial step towards a more sustainable and resilient future for the country,” Diop also noted. Last week, Trade Secretary Alfredo E. Pascual said RE projects are seen to account for a third of the Board of Investments P1.5-trillion investments approval target for 2023.
In April 2023, Pascual, also the BOI chairman, said, “we aim to attract more RE players globally as full foreign ownership is now allowed under the amended implementing rules and regulations of the Renewable Energy Act.” The multilateral lender noted that the Philippines, along with China, Indonesia, Thailand, and Vietnam, accounts for 55 to 60 percent of the plastic waste that enters the ocean.
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