The total investment cost generated from renewable energy (RE) facilities since the enactment of the RE Act in 2009 reached P280 billion as of end-2022, according to the Department of Energy’s (DOE).
In a report, the DOE said the amount is equivalent to an estimated emission reduction of the equivalent of 4,365 kilotons of carbon dioxide between 2009 and 2022.
Those investments have employed 357,000 during the period.
The DOE also said installed capacity from RE increased by 4 percent from 7,914 megawatts (MW) in 2021 to 8,255 MW in 2022, mainly attributed to the entry of new solar, biomass and hydro plants.
The share of RE to the total installed on-grid capacity remained at 29 percent as coal is still the dominant power source in the country last year at 12,441 MW or a 44 percent share.
Coal is followed by oil at 3,931 MW or 14 percent and natural gas with 3,732 MW or 13 percent.
As of end-2022, a total of 1,002 projects were awarded by DOE with RE contracts. Of these, 216 are existing facilities with a total installed capacity of 5,571 MW while 786 projects with a potential capacity of 80,399 MW are under pre-development and development stage.
The DOE targets to reach a share of at least 35 percent for RE in the power generation mix by 2030 and more than 50 percent by 2040
