MANILA - The Department of Energy (DOE) is optimistic that the country will be able to achieve its long-term renewable energy (RE) goals through the policy reforms of the Marcos administration.

During the Laging Handa public briefing Friday, DOE Undersecretary Rowena Guevara said President Ferdinand R. Marcos Jr. has been keen on implementing policy reforms that would help the country to increase the share of renewable energy in the energy mix to 35 percent by 2030 and to 50 percent by 2040.

Among the initial reforms of the administration on renewable energy is allowing the full ownership for RE projects.

"Dahil po dito sa ating full, 100 percent foreign ownership for renewable energy, sa taya ng Department of Energy, makakaya nating ma-fulfill iyong target natin na by 2040 ay 50 percent na tayong renewable energy (Because of our (policy) for a full, 100 percent foreign ownership for renewable energy, the Department of Energy projects that we can fulfill our target of 50 percent renewable energy by 2040)," Guevara said.

She said the share of RE in the energy mix was at 22.8 percent in 2022.

Aside from allowing 100 percent foreign ownership in RE projects, the DOE is pushing for policies that will attract more investments in offshore wind projects.

It added that an executive order would lure offshore wind investments into the country.

Earlier, the Board of Investments (BOI) said it approved a PHP360-billion offshore wind energy project of Danish RE company Copenhagen Energy A/S and PetroGreen Energy Corp.

The administration is also setting up 'green lanes' on strategic investments to fast-track the implementation of these projects that are expected to benefit the Filipino people.

Guevara added the DOE will be issuing the energy storage system policy on Feb. 14 to encourage companies to invest in energy storage system facilities.

With the increasing demand for energy in the country, as well as the commitment of the Philippine government in mitigating impacts of climate change, the DOE official said the Chief Executive has been aggressively promoting the country as destination for RE investments. (PNA)