OMNI Features｜Philippines Aims to Double Solar Capacity And Quadruple The Share Of Wind Energy In Power Output By 2030．Saudi Arabia and The EU Sign MoU to Energy Cooperation

SPNEC's Nueva Ecija Solar Winf Farm in Philippines
(Source: SPNEC official website)

｜Philippines Aims to Double Solar Capacity And Quadruple The Share Of Wind Energy In Power Output By 2030
According to a government presentation, the Philippines intends to increase the proportion of solar energy in its power output from 2.4% in 2024 to 5.6% by 2030, and wind energy from 3.1% to 11.7%. This initiative could position the archipelago's power grid as the clean one.

Philippines expects higher share of solar and wind to offset a decline in the share of other clean sources such as hydropower and geothermal energy, helping non-fossil sources account for 35% of power generation by 2030.

The country is betting on a rapid build out of offshore wind farms, which have high upfront costs. Spiralling costs amid high inflation have resulted in some saw developers cancel or pause projects in the U.S. and Britain last year.

The Philippines expects to add 1,200 MW of nuclear power capacity in 2032 and plans to upgrade its transmission infrastructure to meet future renewable energy growth.

The Philippines expects to add 1,200 MW of nuclear power capacity in 2032 and plans to upgrade its transmission infrastructure to meet future renewable energy growth.

｜Saudi Arabia and The EU Sign MoU to Energy Cooperation
During the World Economic Forum (WEF) held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions with European Commissioner for Energy, Kadri Simson. The focus of their meetings revolved around enhancing energy and clean technology cooperation to fortify bilateral relations and advance the objectives set forth by the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai the previous year.

Both HRH and the Commissioner underscored the shared determination between Saudi Arabia and the EU to expedite private investments in renewable energy. They also emphasized the importance of collaboration on electricity interconnection, integrating renewables into the grid, and fortifying electricity infrastructure, including initiatives such as demand side management (DSM), smart grid implementation, and grid resilience and security measures. Additionally, discussions encompassed opportunities in hydrogen and clean tech sectors, including carbon capture, utilization, and storage, with a focus on fostering industrial partnerships.

In alignment with the UNFCCC and the Paris Agreement, as well as the outcomes of recent COPs, Saudi Arabia and the European Commission initiated talks aimed at establishing a Memorandum of Understanding (MoU) on energy cooperation. This MoU, expected to cover various energy sectors with energy transition at its core, aims to provide a robust framework for guiding and anchoring investment decisions in the energy and clean tech sectors. It also aims to engage stakeholders from the public, private, and financial sectors, laying the groundwork for a sustainable and secure energy future.

Source: Energyworld.com｜Energy Box