Philippines Aims For 52.83 Gigawatts of Renewable Energy Capacity By 2040

According to an energy official, following the Department of Energy’s increase of the renewable portfolio standard (RPS) to 2.52 percent, Indonesia is projected to require 52.83 gigawatts of renewable energy (RE) capacity by 2040. This capacity would generate approximately 175 terawatt hours of RE. This target represents a significant increase from the current capacity of 8.26 GW.

The Department Circular No. 2022-09-0030, signed in September 2022, mandated utility companies to elevate the minimum portion of energy from renewable sources to 2.52 percent by 2023. This directive is in line with the National Renewable Energy Program (NREP), aiming to achieve a 50 percent RE share in the energy mix by 2040.

DOE Assistant Secretary Mylene Capongcol highlighted that solar technology is expected to contribute the most to the RE capacity by 2040, with 27.16 GW, followed by wind at 16.65 GW, hydro at 6.15 GW, geothermal at 2.5 GW, and biomass at 364 megawatts.

As of January 2024, 1,282 contracts have been awarded, representing a potential capacity of 130.3 gigawatts. Of these, approximately 6 gigawatts of renewable energy have already been operationalized. The majority of awarded contracts, about 71 percent, are for solar and hydro power projects. Additionally, offshore wind projects are anticipated to contribute over 60 percent of the potential capacity, with 92 contracts issued as of March 25, amounting to a potential capacity of 65.05 GW.