Philippines explores financing options for nuclear energy shift

The Philippines is advancing its plans to incorporate nuclear energy into the national power grid by examining financing models and infrastructure strategies.

From Oct. 20 to 24, government officials, private sector leaders, and experts from the International Atomic Energy Agency (IAEA) convened in Manila for the National Workshop on Nuclear Power Infrastructure and Financing.

The event was organized by the Department of Energy’s Nuclear Energy Program Inter-Agency Committee (NEP-IAC) in partnership with the IAEA.

“This workshop will help us chart a clearer pathway forward — one that balances ambition with prudence, and innovation with responsibility,” said Energy Undersecretary Giovanni Carlo J. Bacordo.

The workshop centered on the financing hurdles that have long challenged nuclear power development, such as high upfront capital, long construction periods, and extensive regulatory requirements.

Sessions also explored emerging opportunities to mitigate these challenges through public-private partnerships and green financing mechanisms.

IAEA energy economist Brianna Lazerwitz cited global momentum, noting that 416 nuclear reactors are operational across 31 countries, with 63 more under construction.

“For the fifth year in a row, IAEA global nuclear electric capacity projections for 2050 have been revised upwards,” she said, pointing to a high-case scenario of up to 992 gigawatts.

Lazerwitz emphasized that while multiple financing frameworks are available, government participation remains essential for long-term stability and risk mitigation.

Joining the dialogue were other IAEA specialists, including Milko Kovachev, former Bulgarian energy minister; Chelsea Gunter, a legal expert with GNE Advisory; and Ozge Unver, a specialist in radioactive waste management.

The panelists discussed ownership models, institutional roles, and regulatory best practices for both large-scale and small modular reactor technologies.

The workshop followed the enactment of Republic Act No. 12305, also known as the Philippine National Nuclear Energy Safety Act, which formally established the Philippine Atomic Energy Regulatory Authority (PhilATOM).

“The Philippines is taking a leap forward with the discussions on financing like public-private partnerships, green financing, and other viable models that could help shape the future of nuclear energy for the Filipinos,” Bacordo added.