The Philippines expressed interest in working with Norwegian energy companies in order to develop renewable energy sources, according to the Philippine Embassy in Oslo on 25 March 2024.
The Philippine Ambassador to Norway Enrico T. Fos said Southeast Asia is rich in untapped renewable energy sources and affordable alternatives to fossil fuels. He made the comment at a forum on the Norwegian Renewable Energy industry earlier this month in Oslo. More than a dozen Norwegian Renewable Energy companies took part in the networking event.
The Philippines have recently opened the renewable energy sector to the possibility of full foreign ownership in order to attract more investment and fast-track the country’s green transition. The goal is for foreign companies to explore and develop solar, wind, biomass, ocean or tidal energy in the country.
The Philippines have aimed to raise the amount of energy from renewable energy sources to 35% by 2030 and to 50% by 2040. Right not renewable energy makes up 22%.
Source: BusinessWorld
