Renewable energy sources to triple in Philippines

The Philippine's plans to triple its renewable power generation capacity to roughly 15.3 million kw by 2030. The government says it will generate 50 percent of its power from renewables by promoting hydropower, geothermal and wind power.

According to Japan's Nikkei Shimbon as political unrest in the Middle East continues to bring volatility to oil prices and nuclear energy has become less attractive following the accident at the Fukushima Daiichi nuclear power plant, renewable energy has become more important.

However the government remains sketchy on how various energy sources will contribute to its renewable portoflio, but it plans to develop more hydropower, which already accounts for the largest share of the country's renewable energy capacity at 3.4 million kw.

The Philippines' volcanic geography makes geothermal power an important energy source. The 2 million kw generated make it the world's second-largest producer of geothermal power, behind the United States.

The Philippines has relatively few fossil resources and meets about 60 percent  of its own energy needs. Last year, the country had roughly 5.4 million kw of renewable energy generating capacity, or 33 percent of the total.