Australia and the Philippines are working together to combat climate change. Australia aims to be 82 per cent renewable by 2035 and 100 per cent by 2050 while the Philippines has set targets of 35 per cent renewables in the power generation mix by 2030 and towards 50 per cent by 2040.
Australia is investing in the Philippines’ clean energy transition. Macquarie, through Blue Leaf Energy, is investing USD1.2 billion on a 1.3GW floating solar facility in Laguna Lake. St Baker Energy Innovation Fund is building a battery manufacturing facility in New Clark City and is involved in converting tricycles to electric in Quezon City.
The Philippines, through Ayala Group’s energy company ACEN, has also entered Australia in 2018, with an initial investment of USD30 million in partnership with UPC Renewables. Since then, ACEN Australia’s role in the renewable energy sector has grown, with around 60 staff and a development portfolio of 8 gigawatts.
As Strategic Partners, Australia and the Philippines will continue to explore opportunities to broaden mutual economic cooperation supporting the climate and the clean energy transition. In 2022 the Philippines opened its renewable energy sector to allow 100 per cent foreign investment, creating opportunities for Australian business.