BSP, DOE Push Financing for Renewable Energy Growth

The Bangko Sentral ng Pilipinas (BSP) and the Department of Energy (DOE) convened policymakers, financial institutions, and energy market players on December 12, 2024, to discuss financing solutions for the Green Energy Auction Program (GEAP).

Held at the BSP Head Office in Manila, the roundtable aimed to accelerate renewable energy (RE) investments to meet the country’s target of 50% RE share in the energy mix by 2040.

GEAP facilitates the competitive bidding of renewable energy capacities among electricity suppliers, a cornerstone of DOE’s strategy to expand clean energy development.

“The discussion highlighted market reforms and innovative financing tools that are essential to unlocking green energy investments,” BSP Assistant Governor and Chief Sustainability Officer Pia Bernadette Roman Tayag said.

The roundtable builds on the BSP’s Knowledge Exchange (KX) Series on Sustainability, which focuses on financing the Philippine energy transition.

DOE Undersecretary Rowena Cristina L. Guevara emphasized the importance of collaboration in achieving energy security and sustainability.

“The GEAP is a significant step toward a cleaner and greener energy future, but its success relies heavily on robust financing support,” Guevara said.

Key government agencies, including the Energy Regulatory Commission and DOE representatives, joined discussions on creating policies that encourage private sector investments in renewable energy.

BSP Assistant Governor Lyn I. Javier and Energy Regulatory Commission Chairperson Monalisa C. Dimalanta participated as panelists, providing insights on integrating market reforms to attract green financing.

With the Philippines aiming for substantial RE growth by 2040, the GEAP and related financing initiatives play a vital role in addressing climate change and fostering sustainable economic development.

The BSP’s sustainability agenda continues to bridge knowledge gaps and cultivate partnerships to support the country’s renewable energy ambitions.