THE National Geothermal Association of the Philippines (NGAP) on Wednesday lauded the Economy and Development Council's approval of the Philippine Geothermal Resource Derisking Facility, calling it a milestone for the sector.
"As the country's first dedicated geothermal exploration risk-sharing facility, the Philippine Geothermal Resource Derisking Facility addresses the high upfront risks of exploration drilling and is expected to revitalize greenfield geothermal development, unlock indigenous baseload renewable energy resources, reduce dependence on imported fuels, and support long-term sustainable development," NGAP President Jaime Jemuel Austria said.
"We have been actively engaging the government throughout the development of the facility, contributing to stakeholder consultations, technical discussions, and industry engagements that helped shape the facility's design. We thank all stakeholders who made this initiative possible," he added.
The Economy and Development Council, led by President Ferdinand Marcos Jr., approved the Philippine Geothermal Resource Derisking Facility initiative to strengthen the country's clean energy sector.
The facility aims to address high upfront costs of exploration for geothermal energy wells and help revitalize investor interest in greenfield geothermal development.
The Department of Energy and Land Bank of the Philippines signed a memorandum of agreement last December for the $170 million Philippine Geothermal Resource De-Risking Facility, which will be financed through a loan from the Asian Development Bank.
