The government said the Philippines will need at least $121 billion of investments in renewable energy between 2020 to 2040 to achieve the Clean Energy Scenario (CES).
Energy Undersecretary William Felix Fuentebella said the estimated investment requirements for renewable energy technology exclude system costs such as reliability cost, transmission and distribution requirements, energy storage solutions, and other ancillary services.
Under the CES, the DOE aims at least 10,000 megawatts of additional capacity in renewable energy by 2040.
The Department of of Energy (DOE) also targets to increase the share of renewable energy in the power generation mix to 35 percent by 2030 and more than 50 percent by 2040.
Fuentebella said aside from providing clean energy sources for the country, renewable energy will also help in energizing remote and unserved areas.