1 month ago
11
Brix Lelis - The Philippine Star
February 11, 2025 | 12:00am
The latest rating, which marks an improvement from ACEN’s previous B score, is the second-highest rating given by CDP to companies for their comprehensive disclosures and progress toward sustainability targets.
STAR / File
MANILA, Philippines — Ayala-led ACEN Corp. has obtained a leadership level and an A-rating from environmental non-profit disclosure system CDP for its commitment to climate action and transparency.
The latest rating, which marks an improvement from ACEN’s previous B score, is the second-highest rating given by CDP to companies for their comprehensive disclosures and progress toward sustainability targets.
“Achieving CDP leadership status reflects ACEN’s disciplined approach to integrating sustainability into our business strategy,” group chief finance and chief strategy officer Jonathan Back said.
A leadership status is conferred to companies that exemplify best practices in climate action, environmental governance, transparency, risk management and target setting.
“Transparency and strong climate governance are key to ensuring long-term value for our stakeholders while accelerating the energy transition,” Back said.
“Our improved rating reinforces our commitment to responsible growth and scaling renewable energy investments that drive both financial and environmental impact,” he added.
The listed energy platform of the Ayala Group has participated in CDP’s climate disclosure since 2022, contributing to the world’s dataset on environmental action that includes disclosures from over 24,800 organizations.
Earlier, ACEN signed a deal with GenZero and Keppel Ltd. to explore the utilization of transition credits for the early retirement of its 246-megawatt South Luzon Thermal Energy Corp. coal plant in Batangas.
This project involves the development of end-to-end technological solutions to replace the baseload plant with a mid-merit integrated renewables and energy storage system.
Transition credits are a new type of carbon credit earned from the reduction in greenhouse gas emissions when coal plants are decommissioned ahead of schedule and replaced with clean, renewable energy sources.
To further advance their net-zero goals, buyers such as governments and companies may purchase these credits to lower their carbon footprint.
This initiative aligns well with ACEN’s ambitious target of expanding its renewable energy capacity to 20 gigawatts by 2030 and achieving net zero greenhouse gas emissions by 2050.
According to ACEN, it is on track to reach 100 percent renewable energy generation this year.
