Funds are required for every landmark project and when it comes to Solar energy in the Philippines, in fact we require an improved cash flow for setting up better and bigger solar projects.
Since the industrial revolution (1840 circa), we have been using electricity and power produced using fossil fuels to run our appliances, gadgets, automobiles, transport system and factories. Today almost all countries are importing fossil fuels from other nations and some of these nations are not able to meet their own fossil fuel needs as they are exporting their resources to other countries. More than 150 years of fossil fuel consumption has led to extensive depletion and the cost of these are already overbearing for most nations.
Solar energy usage is still at its incessant state and that is why everyone including government, the private sector, international organizations, cooperatives and commercial unities in the PH and the world have to come together to support renewable energy and make way for cleaner energy in the world. So in this article we are sharing some of the solar energy funding (s) that are shaping the use of solar panels in the Philippines and improving usage of renewable energy sources.
EU’s Partnership to Promote Sustainable Energy Future in the Philippines
European Union have set aside 190 million EUR from its cooperation budget of 325 million EUR for the period of 2014-2020. With EU’s partnership with the DOE (Dept. of Energy) and ASEP (Access to Sustainable Energy Programme), it has put aside 57 million EUR to assist Philippines government to meet its rural electrification targets with clean energy sources. Under this there will be technical assistance and capacity building for reforms, investment support by World Bank, call for new proposals that are pro-poor and climate justifiable innovative projects.
European Union also willing to support EU enterprises that are willing to create business partnerships with Philippines and other Asian companies in the green energy sector under their EU Business Avenue (EUBA) Program. These support initiatives and funding are very crucial and necessary for solar power companies and solar energy providers in the Philippines to increase their capacity of work here.
World Bank’s Brings in $67 Million Grant for the Philippines’ Clean Energy Projects
The World Bank approved two grants (equaling $67 million) to make solar energy accessible to far reaching areas in Philippines. It has provided a 44 million grant to the Philippines Renewable Energy Project which is going to reduce risks of commercial lending to electric cooperatives. Other $23 million grant was set aside for ASEP for improving access to solar energy in remote areas.
The financial grants and knowledge sharing is vital for countries to move towards solar energy development in their regions and this is the only way forward towards a better world. The Philippines actually is one of the largest users of solar energy in comparison to other southeast Asian countries, but there is still a lot of potential to expand and adopt to this technology. For sure we’ll need more funding and corporate mind shift towards cleaner energy to sustain the growth of the solar industry in the Philippines.