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The Department of Science and Technology (DOST) and the Department of Energy (DOE) have signed a Memorandum of Understanding (MOU) to support the implementation of the Renewable Energy Trust Fund (RETF) projects. This fund which is provided under section 28 of the renewable energy Act of 2008 seeks to promote the utilization of renewable energy. It was given impetus through the Department Circular No. DC2022-06-0018 that explains the process of obtaining funds, fund management, and the auditing process.
The Management of DOE has already initiated the process of sourcing funds from various sources including 1% of the net annual income of the PCSO and PAGCOR for the RETF. Currently, the target fund has reached Php 209,984,504. 22. The RETF’s guidelines also include other sources as provided by the Renewable Energy Act and the Implementing Rules and Regulations.
To accelerate the fund’s operationalization and achieve its goals, the DOST and DOE have signed a Memorandum of Agreement (MOA) outlining areas of cooperation and mechanisms for fund utilization. The collaboration will leverage DOST’s expertise in science, technology, and innovation to foster the development and adoption of renewable energy solutions. This partnership will enable scientific studies, technology demonstrations, and pilot tests of innovative approaches to propel the renewable energy sector forward.
During the signing, DOST Secretary Renato U. Solidum, Jr. said he is anticipating a good working relationship between the two agencies as both are concerned with the adoption of renewable energy technologies. He said that DOST is ready to push for research and development which will serve as the foundation of innovation system in the Philippines. This was further underlined by DOE Secretary Raphael Perpetuo Lotilla who was 100% supportive of the proposed cooperation between DOE and DOST.
This cooperation between DOST and DOE is an indication of more focused efforts towards attaining a more effective and efficient utilization of energy in the Philippines. This cooperation is likely to result in significant advancement in the generation of renewable energy in the next few years.