The Philippines and the United Arab Emirates have signed a Memorandum of Understanding (MOU) on Energy Transition Cooperation, expected to help meet energy demand in the Southeast Asian country, the Philippine energy minister said Sunday.
“This MOU identifies several areas of collaboration particularly renewable energy; liquefied natural gas as a transition fuel; power generation, transmission and distribution system; nuclear energy; energy efficiency and conservation; and alternative fuels and emerging technologies”, Energy Secretary Raphael PM Lotilla said in an online statement.
Manila expects to ink an implementation agreement with an unnamed Emirati state-owned company by January 2025, according to the statement.
The Philippine Department of Energy (DOE) has set an “Energy Transition Pathway”that involves raising the share of renewables in the power mix to 35 percent by 2030 and 50 percent by 2040.
The roadmap also aims for 10 percent energy savings on oil products and electricity between 2040 and 2050; a 50 percent EV penetration rate in road transport by 2040; and the adoption of advanced and smart grid technologies, among others. The roadmap is spelled out in the DOE’s “Philippine Energy Plan 2023–50”.
Lotilla said, “By attracting investments in energy infrastructure, the partnership will generate new jobs, enhance local expertise through technology transfer and capacity building, and support the development of a robust energy ecosystem”.
The MOU follows talks on “fostering meaningful business collaborations and positioning the Philippines as a prime destination for Emirati investments in critical energy sectors, including developing robust energy infrastructure and advancing renewable energy projects”, Lotilla added.
Last October a Filipino government and industry delegation met with representatives from Emirati renewables firm Masdar, Emirates Nuclear Energy Corp. (ENEC) and the International Renewable Energy Agency in Abu Dhabi.
“Masdar, one of the world’s fastest-growing renewable energy companies and a leader in green hydrogen… is particularly interested in establishing solar, wind, and battery storage projects in the Philippines”, the DOE said in a press release October 18.
ENEC meanwhile could provide expertise “as the Philippines establishes an independent regulatory body for the safe and secure development of nuclear energy”, the statement said.
The Philippine delegation also promoted the nation’s plans to pursue hydrogen investment. “In the area of hydrogen, apart from efforts to offer areas for the exploration of native hydrogen, the Philippines is actively promoting hydrogen as an alternative fuel, with initiatives such as the creation of the Hydrogen Energy Industry Committee to drive investments and technology development and explore hydrogen’s role in power generation and transportation”, the DOE said at the time.
“Native or naturally occurring hydrogen primarily forms in two major geological environments: Precambrian crystalline shields and serpentinized ultramafic rocks found in ophiolite bodies. The latter is abundant throughout the Philippines”.
The MOU announced Sunday was among agreements signed between the Philippines and the UAE during a working visit by Philippine President Ferdinand Marcos Jr.
An “Investment Cooperation” was also signed between the UAE’s Investment Ministry and the Philippines’ newly created sovereign investment fund. The other agreements concerned cultural and legal cooperation, as well as collaboration in the artificial intelligence and digital economy sectors, according to a joint statement published by the UAE government’s news agency.
Source: rigzone