The National Renewable Energy Board, an agency under the Energy Department, said it will establish a trust fund this year to support more clean energy projects.
NREB chairman Pete Maniego said the renewable energy trust fund was among the priorities that the board would pursue this to fully realize the benefits of Republic Act No. 9513, or the Renewable Energy Act of 2008.
“NREB will review and update the national renewable energy program and ensure that the renewable energy trust fund will finally be established and implemented this year,” Maniego said.
The law calls for the creation of the renewable energy trust fund to enhance the development and greater utilization of renewable energy. It shall be administered by the department as a special account in any of the government financial institutions that shall be exclusively used to finance the research, development, demonstration and promotion of the widespread and productive use of RE systems for power and non-power applications.
The fund shall also support the development and operation of new RE resources to improve their competitiveness in the market.
The law provides that the fund shall be sourced from proceeds from the emission fees collected from all generating facilities consistent with Republic Act No. 8749 or the Philippine Clean Air Act.
Other sources include 1.5 per cent of the net annual income of the Philippine Charity Sweepstakes Office; 1.5 per cent of the net annual income of the Philippine Amusement and Gaming Corp.; 1.5 per cent of the net annual dividends remitted to the National Treasury of the Philippine National Oil Co. and its subsidiaries; 1.5 per cent of the proceeds of the government share collected from the development and use of indigenous non-renewable energy resources; among others.
