BloombergNEF's report emphasizes the significance of accelerating the transition towards clean and affordable electricity in the Philippines. The study indicates that solar power currently stands out as the most cost-effective energy source in the country, offering the potential to decrease dependence on imported fuels and elevate energy security. Importantly, 2025 serves as a pivotal moment for the Philippines to advance the decarbonization of its power sector, aligning with its responsibilities under the Paris Agreement. Furthermore, the research underscores the economic viability of solar power paired with batteries, which is poised to outperform newly constructed gas and coal-fired power plants. Similarly, onshore wind combined with energy storage is projected to become more competitive than new thermal plants by 2032, promoting a shift towards a cleaner and more affordable energy landscape. The report points to the untapped geothermal and offshore wind resources in the Philippines. Although geothermal and offshore wind technologies currently have higher generation costs compared to solar and onshore wind, their unique generation profiles complement other renewable sources. By setting ambitious targets for geothermal and offshore wind, the country aims to diversify its energy mix and enhance sustainability. Renewables, including hydroelectric power, accounted for 23% of the Philippines' electricity supply in 2024. BloombergNEF's Net Zero Scenario envisions renewables, particularly solar and wind, supplying 74% of the country's electricity by 2050. This transition not only strengthens energy security but also plays a vital role in emissions reduction, aligning with global sustainability goals.