PH target for $25-B Indo-Pacific coalition energy investments

Manila: The Coalition for Emerging Market Infrastructure Investment (CEMII) is eyeing the Philippines to be the initial market for its USD25-billion Indo-Pacific-wide energy investments, Department of Energy (DOE) Secretary Raphael Lotilla said. In a statement Monday, Lotilla welcomed the announcement of CEMII for choosing the Philippines to be its focus market for energy investments among the United States-led Indo-Pacific Economic Framework (IPEF) economies. CEMII was convened by Indo-Pacific Partnership for Prosperity (IP3) and co-chaired by Global Infrastructure Partners and KKR. Other partners that committed to pour in capital under CEMII include Allied Climate Partners, BlackRock, Brookfield, GIC, The Rockefeller Foundation, and Temasek. '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. He said the possible investments of CEMII aligns with the Philippine government's go al for the energy sector-making it more sustainable, clean, and resilient. The DOE noted that as energy consumption in the Philippines is expected to grow at 3 percent up to 2050, the country would require around USD500 billion investments between 2024 and 2050 to successfully transition to clean energy. Lotilla said the agency is also open to the opportunity of collaborating with the coalition to develop an energy roadmap and identify the priority energy infrastructure for CEMII's investments. Source: Philippines News Agency