Voluntary Renewable Energy Market (VREM)
The project aims to align policies with the country’s climate commitments by creating the policy and rules for the operation of the Voluntary Renewable Energy Market (VREM) in the Philippines, which will increase the demand for renewables and contribute to attaining the country’s clean energy scenario target of >50% share of RE in the power generation mix by 2040. The implementation of a VREM will also contribute to strategic outcome 2 or increasing investments in RE by creating an additional income stream for RE project developers, expanding the market for renewables, enhancing projects’ bankability and supporting them to secure financing. The additional revenue comes from every one megawatt hour (MWh) of renewable energy produced, which is equivalent to one RE Certificate (REC). The REC may be traded in the compliance RE Market or in the VREM.
Implementing Partners
Arthur D. Little (ADL)
In partnership with
Department of Energy
