DOE, World Bank to launch offshore wind roadmap

Business & Finance

MANILA – The Department of Energy (DOE) and the World Bank Group (WBG) will be launching the country’s first Offshore Wind Roadmap which aims to increase the share of wind power in the country’s energy mix.

The Philippine Offshore Wind Roadmap is commissioned by the WBG under the joint Energy Sector Management Assistance Program (ESMAP)-International Finance Corporation Offshore Wind Development Program.

The roadmap will be launched on April 20.

“The WBG has been working closely with the DOE to prepare this first-of-its-kind roadmap, which aims to tap the country’s 178-gigawatt offshore wind potential. The launch will be another opportunity supporting the Philippine’s goal to move away from coal towards a more sustainable energy system,” the DOE said in a statement Tuesday.

Offshore wind facilities are built over bodies of water like seas and oceans, which have higher wind speeds that can produce larger amount of power.

The DOE said the agency is looking forward to collaborate with stakeholders from public and private sectors both here and abroad to discuss possible cooperation and partnership to strengthen the country’s wind energy.

It added that with the launching of the roadmap, recommendations on policy and regulatory frameworks, long-term vision for the industry, spatial planning, grid development and integration, and financing and commercial risks will be discussed.

The Philippine wind energy market is expected to have an average growth of 7.5 percent between 2019 and 2027, according to market intelligence and advisory firm Mordor Intelligence.

Pursuing wind energy projects will also help the country to achieve its targets under the National Renewable Energy Program, which aims to increase renewable energy’s share in the power generation mix to 35 percent by 2030 and 50 percent by 2040. (PNA)

Source: Philippines News Agency

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