Manila, April 2 -- The World Bank's Board of Executive Directors approved a USD800 million loan to support the Philippine government's efforts to scale up the adoption of clean energy technologies, increase the security, flexibility and competition of electricity markets, and improve water management.

In a statement Wednesday, the World Bank said the First Energy Transition and Climate Resilience Development Policy Loan will help accelerate energy transition and increase resilience to climate in the Philippines.

It is expected to increase the share of renewable energy in installed generation capacity from 30 percent in 2023 to 42 percent by 2027; support the procurement of 1,000 megawatts of new offshore wind capacity; and implement ene...