The Bangko Sentral ng Pilipinas (BSP) and the Department of Energy (DOE) jointly hosted a pivotal “Roundtable Discussion on Unlocking Financing for the Green Energy Auction Program (GEAP)” at the BSP Head Office in Manila recently. This high-level gathering brought together key policymakers, financial institutions, and energy industry stakeholders to explore market reforms and innovative financing mechanisms aimed at accelerating the development of renewable energy (RE) in the Philippines.
The Green Energy Auction Program (GEAP), a crucial initiative under the DOE, involves the competitive bidding of RE capacities among electricity suppliers. The program is part of the government’s broader strategy to increase the renewable energy share in the national power generation mix to 50 percent by 2040.
The roundtable builds on the success of the inaugural session of the BSP Knowledge Exchange (KX) Series on Sustainability, which focused on financing the Philippine Energy Transition Program. As part of the BSP’s sustainability agenda, the KX Series aims to address critical knowledge gaps and foster strategic collaborations to mobilize green finance across sectors.
BSP governor Felipe M. Medalla emphasized that the central bank is committed to facilitating the transition to a greener economy, highlighting the need for financial innovations and partnerships to unlock capital for renewable energy projects. He added that these efforts align with the BSP’s broader goals of promoting sustainable economic development while managing climate-related risks.
The event served as a platform for fostering deeper collaboration among the financial and energy sectors to ensure that the Philippines meets its ambitious renewable energy goals, ultimately driving the nation towards a more sustainable and resilient energy future.
