MANILA —The Philippines has the most potential for solar and wind power development in Southeast Asia, with 99 gigawatts (GW) of prospective capacity, international think tank Global Energy Monitor (GEM) said in a report released on Wednesday.
The report also showed that the Philippines has the eighth largest potential solar and wind capacity globally.
“The Philippines hosts a streamlined project bidding system, with predominantly privatized power generation, allowing for an unencumbered pipeline for project development,” GEM said in its “A Race to the Top: Southeast Asia 2024” report.
The country also represents nearly half, or 45 percent, of the prospective capacity of Southeast Asian countries.
Vietnam has the second-highest potential at 86.2 GW, followed by Indonesia at 19 GW.
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GEM pointed out, however, that despite having a huge potential for the two technologies, construction rate for planned projects remained low in the entire region at 3 percent.
“The growth of renewables across the region is impressive, but so much more can be achieved,” said Janna Smith, GEM researcher and lead author of the report.
GEM also took note of the low turnout in the Philippine Department of Energy’s (DOE) second Green Energy Auction Program, which received commitments for only a third of the total 11.6 GW offered.
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Ultimately, GEM said the key to accelerating renewable energy development was to gradually phase out fossil fuels, which account for around 30 percent of Southeast Asian countries’ total installed capacity.