The project will provide the analysis to strengthen the rationale for opening a Voluntary Renewable Energy Market (VREM), understanding Renewable Energy Certificate (REC) supply and demand scenarios, learning from international experience, and presenting evidence-based recommendations and actionable next steps to the government. Opening a VREM could drive the demand for renewable energy (RE) generation above the required levels mandated on distribution utilities by the Renewable Portfolio Standards (RPS) for its captive market. The VREM could raise the demand for renewables by providing market-based incentives for businesses to support and invest in renewables. It is envisioned to facilitate raising net-zero commitments, attracting foreign investments, and contributing to the achievement of the Philippines’ renewable targets. For RE project developers, generating and trading voluntary RECs is a financial incentive that enhances the viability of projects.