PH market ‘ripe’ for renewable energy due to its cost saving potential
Philippine market is deemed “very ripe” for renewable energy by the International Renewable Energy Agency (IRENA). IRENA is an intergovernmental organization that promotes the widespread adoption and sustainable use of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy.
In a press conference during the Asia Clean Energy Forum, IRENA program officer for Renewable Energy Project Development and Finance Arjub Guha said that the strong demand for renewable energy is present in the community, and at the public level.
“The demand for renewable energy is there because of its job creation potential, and the cost saving potential,” said Guha.
Like many countries in South East Asia, the Philippines is challenged by the population growth along with the rising demand on energy.
Reports from the Department of Energy revealed that the Philippines has a renewable energy potential of 4,000 megawatts (MW) for geothermal, 76,600 MW for wind, 10,000 MW for hydropower, 5 kilowatt-hours per square meter per day for solar, 170,000 MW for ocean, and 500MW for biomass. However, DOE estimated that the country will need 43,765 MW of additional capacity by 2040 to keep up with the demands of a growing economy.
The need for Renewable Energy is becoming more prevalent because of its potential to become a long-term solution to the growing power needs.
Every Filipino household could have its own electric company through Solaready PH.
We encourage you to shift in a cleaner and better energy option and leap towards a sustainable measure that would help move the country toward a greener tomorrow.
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