The country has signed the landmark $15 billion deal with the United Arab Emirates to develop up to 1 GW of renewable energy projects, including solar, wind, and battery storage, by 2030. The agreement was announced in a joint statement during both countries’ efforts to accelerate their transition to clean energy and address growing environmental concerns.
Under the terms of the agreement, Masdar, a prominent UAE-based renewable energy company, will drive the development of these renewable projects across the Philippines. This will significantly strengthen the energy security of the Philippines, with far fewer fossil fuel dependencies, and is built upon its ambitious climate goals. The deal also surfaces the need for countries to collectively face the global challenge of climate change.
The renewable energy projects, with massive solar and wind farms, would give the Philippines sustainable energy resources besides boosting employment in the country as well as enhancing the country’s local economy. Advanced battery storage technologies would help ensure availability of energy during those periods when power generation through sources such as solar or wind are minimal, thereby hardening the country’s energy infrastructure.
Moreover, this $15 billion partnership aligns the country with a future role in a global renewable market, which should put expertise and innovations to export clean technologies. This also serves as the model for possible future international co-operation in building renewable energy by both nations pursuing a more environmentally friendly future that will open doors to a brighter future in an energy diplomacy perspective and climate actions.
