THE Department of Science and Technology (DOST) and the Department of Energy (DOE) have officially sealed a collaborative agreement on the implementation of the Renewable Energy Trust Fund (RETF) projects.
The establishment of the RETF is mandated by Section 28 of the Renewable Energy Act of 2008, with the primary objective of fostering the greater utilization of renewable energy sources. Since its inception, the RETF has gained momentum, particularly with the issuance of Department Circular No. DC2022-06-0018, which provided the essential guidelines and procedures for the fund sourcing, accounting, and audit processes.
The RETF, administered by the DOE, has commenced collection from various sources, including a percentage of the net annual income of institutions such as the Philippine Charity Sweepstakes Office (PCSO) and the Philippine Amusement and Gaming Corporation (PAGCOR). Despite the potential for other fund sources as outlined in the Renewable Energy Act and its Implementing Rules and Regulations, the DOE has so far collected primarily from the aforementioned sources, amassing a balance of Php 209,984,504.22.
To expedite the operationalization of the RETF and ensure its objectives are met, the DOST and DOE have entered into MOA detailing areas of cooperation and mechanisms for fund utilization. The partnership will leverage DOST’s expertise in science, technology, and innovation to drive the development and adoption of renewable energy solutions. Through this collaboration, the parties aim to conduct scientific studies, demonstrate cutting-edge technologies, and pilot test innovative approaches that will propel the renewable energy sector forward.
During the signing ceremony, DOST Secretary Renato U. Solidum, Jr. expressed enthusiasm about the partnership, highlighting the shared commitment of both agencies to advance renewable energy initiatives. Secretary Solidum emphasized DOST’s dedication to supporting research and development endeavors that will shape the future of the Philippine innovation system, underscoring the Department’s unwavering commitment to providing solutions and opening opportunities. Meanwhile, DOE Secretary Raphael Perpetuo Lotilla affirmed DOE’s commitment to providing full cooperation with DOST.
With this milestone collaboration between DOST and DOE, stakeholders in the renewable energy sector can anticipate accelerated progress towards a sustainable and energy-efficient future for the Philippines.|
