The Philippines has signed a memorandum of understanding (MOU) with the United Arab Emirates (UAE) to explore cooperation in renewable energy, nuclear power, and other sectors. An implementation agreement is expected to be finalized with a UAE state-owned company in January 2025.
The Department of Energy (DOE) announced on Sunday that the MOU outlines areas of collaboration including renewable energy, liquefied natural gas as a transition fuel, power generation, transmission systems, nuclear energy, energy efficiency and conservation, alternative fuels, and emerging technologies.
The agreement was one of the key outcomes of President Ferdinand Marcos Jr.’s working visit to the UAE last month, where he met with UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan.
The terms were discussed with UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouel, where the discussions focused on business partnerships and positioning the Philippines as an attractive destination for Emirati investment.
“By combining the UAE’s leadership in innovative energy solutions with the Philippines’ ambitious drive for energy security and sustainability, this initiative has the potential to transform not only industries but also the lives of millions of Filipinos,” the DOE stated.
The government agency added that the partnership could lead to the creation of new jobs, the transfer of technology, and the strengthening of the Philippines’ energy sector.
Energy Secretary Raphael Lotilla said in October that the country will need $500 billion in investments to meet its clean energy goals, including raising renewable energy’s share in the national power mix to 35% by 2030 and 50% by 2050.