PH top choice for $25B energy investments
Ed Paolo Salting
Manila Times
01 October 2024
THE Department of Energy on Monday said it welcomed the Coalition for Emerging Market Infrastructure Investment's (CEMII) choice of the Philippines as an initial market for $25-billion worth of energy investments from the Indo-Pacific Economic Framework (IPEF) economies led by the United States.
Last week, the Indo-Pacific Partnership for Prosperity (IP3) announced plans to launch country platforms dedicated to infrastructure investment.
IP3 Executive Director David Talbot said this new strategy would advance innovative, action-oriented approaches for quick deployment of capital.
The Philippines, he pointed out, is an ideal market for its rapid growth in energy demand and ambitious renewables targets.
For his part, Energy Secretary Raphael Lotilla noted the partnership aligned perfectly with the country's transition toward a more sustainable, clean and resilient energy sector.
"We look forward to working closely with the coalition to realize our shared vision of a clean energy future for the Philippines and the broader Indo-Pacific region," Lotilla said.
The plan includes CEMII engaging in high-level meetings to identify mutual areas of interest and developing a joint roadmap to accelerate investments in clean energy infrastructure.
CEMII is convened by the IP3 and is co-chaired by investment firms Global Infrastructure Partners (GIP) and KKR. Members include Allied Climate Partners, BlackRock, Brookfield, GIC, The Rockefeller Foundation, and Temasek.
IP3 is a collaboration of public, private and nonprofit leaders dedicated to mobilizing capital and expertise to advance economic growth, sustainability and inclusivity among 14 partner countries of the IPEF.
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