Amend Renewable Energy Law to allow more foreign investments--Salceda

The Renewable Energy Law or Republic Act 9153 should be primed for amendments by the Department of Energy to allow full foreign equity in solar, wind, hydro, and other forms of renewable energy, Albay 2nd district Rep. Joey Salceda said.

“It’s make or break. We need some USD 121 billion in investments into renewable energy to achieve a clean energy scenario by 2040. And we need significant surpluses of renewable energy supply to lower power costs and accelerate industrialization,” he emphasized. The House Ways and Means chairman has joined the call of the Foundation for Economic Freedom, which similarly urged the DOE to revise the implementing rules and regulations of RA 9153 to better define the rules of foreign investments.

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