Nation strikes $15 billion deal to revolutionize how it creates energy: 'A transformative step'
Masdar has landed a $15 billion deal to spin up new renewable energy projects in the Philippines, according to Reuters.
The deal between the United Arab Emirates' state energy company and the Philippines' energy department covers solar, wind, and battery storage of up to 1 GW of capacity by 2030.
"Building on the longstanding ties between the Philippines and the UAE, and the recent Energy Transition Cooperation, this partnership with Masdar marks a transformative step in our renewable energy journey," said Philippines energy secretary Raphael Lotilla.
The Philippines has allowed for significant foreign investment in renewable energy projects, including full ownership, since 2023. The hope is that outside funding can help accelerate the country toward 35% renewable energy generation by 2030 and 50% by 2040. The Philippine electrical grid ran on 44% coal power in 2023, so these steps are very important in supporting the country's decarbonization.
Fossil fuels like coal and gas emit pollution when burned, which makes weather patterns more violent and unpredictable. Energy generation happens at a large enough scale that curbing fossil fuel use in that sector would yield palpable benefits, and not just when it comes to the environment.
Utility-scale solar power is some of the cheapest in the world. Coal pollution causes massive health issues for residents in the vicinity on top of its global effects. If you're interested in making the switch, you can support community-scale solar projects with the help of our guide.
"The partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future, and our shared vision for economic sustainability and prosperity," said Ceferino Rodolfo, undersecretary at the Philippines Department of Trade and Industry, in a statement. "This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia."
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