To help promote the research and development of various renewable energy projects that may be implemented in the country, the Philippines’ Department of Energy (DOE) has recently made the necessary steps on setting up a trust fund. Termed as the Renewable Energy Trust Fund (RETF), the DOE hopes that this mechanism would help move things forward in creating a sustainable, cleaner and viable future for the country.
The RETF is proposed to source out funds from emission fees in line with the Philippine Air Act. Also, another potential source of funds would be the Philippine Charity Sweepstakes Office (PCSO) and Philippine Amusement and Gaming Corporation. 1.5 percent of net income from the said government establishments can be collected by the DOE. Fines and penalties connected to the Renewable Energy Act would also be pooled into the RETF.
Aside from having an RETF, the Philippine Government plans to boost renewable energy resources investments by at least 15,000 megawatts. This is equivalent to a three times increase from the current power generated by the country. The government hopes to have this increase done in a 20-year time span, with the RETF part of the plan to allocate funds for more green power projects.