More wind power investments seen contributing $1.1 B to economy — report
MANILA, Philippines — The Philippines is poised to add $1.1 billion of gross value to its economy if it completes over 1,650 megawatts (MW) of wind power projects until 2026, according to a new report from the Brussels-based Global Wind Energy Council (GWEC) released on Thursday.
As of end-2021, the country's installed capacity of wind projects stands at 442.90 MW, according to statistics from the Energy department.
"The Philippines could see more than $1.1 billion of gross value added to the economy, with more than 1,650 MW of wind installations completed under a more ambitious approach," GWEC said in a statement shared with the media ahead of the full report.
The wind installations will also support a 70% increase in jobs, and contribute to reducing 65 million metric tons of carbon dioxide emissions equivalent, it found.
The Philippines is among the five case studies of the report, which also looked at the scenarios in other developing economies like Brazil, India, Mexico and Africa.
In its report, GWEC discovered that the addition of nearly 20 gigawatts of wind projects can power around 25 million homes a year from 2026 onwards, and save 714 million metric tons of carbon dioxide emissions over the lifetime of the wind farms.
Back home, wind projects comprised 2.4% of the Philippines' power generation mix in December 2021, based on the latest figures from the Independent Electricity Market Operator of the Philippines. Coal still dominated the mix at 54.3%, followed by natural gas at 22.2% and geothermal power at 6.1% during this period.
The GWEC is a member-based organization which claims to represent the entire wind energy sector. Its report, "Capturing Green Recovery Opportunities from Wind Power in Developing Economies" can be accessed here.
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