Geothermal leader Energy Development Corp. has been included in this year’s Carbon Clean 200â„¢ list.
EDC is the only Philippine company in the list of the world’s largest publicly-traded firms that lead the way with solutions for the transition to a clean energy future, a statement from the company said.
The rankings were based on the companies’ total clean energy revenues as rated by Bloomberg New Energy Finance.
Launched in 2016, Clean 200 is an initiative of non-profit foundation As You Sow whose mission is to promote environmental and social corporate responsibility, and Corporate Knights, a Toronto-based media and research company that produces corporate rankings, research reports and financial product ratings based on corporate sustainability performance.
Only companies with a market capitalization greater than $1 billion and have earned more than 10 percent of its total revenues from clean energy sources are eligible to be considered in the list.
Clean 200 excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources, as well as the top 100 coal companies measured by reserves. It also disqualifies companies profiting from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and companies that engage in negative climate lobbying.
Lopez-owned EDC is a carbon neutral company and is the leading renewable energy company in the Philippines. Its total installed capacity of 1,458MW from geothermal, wind, solar, and hydro power sources accounts for 21 percent of the total installed renewable energy in the country.
The company has committed to not invest in coal and to make RE more accessible to the Filipinos to help drive a low-carbon economy for the country.
This commitment was reinforced by EDC’s partnership with the Philippines Renewable Energy Holdings Corp., a consortium of investors composed of funds managed by Macquarie Infrastructure & Real Assets and Arran Investment Pte Ltd.
EDC, which ranked 119th this year, hopes to move up in the list as it achieves its growth objectives in the coming years.
In 2016, the company generated 8,531.5GWh that helped the country avoid 7.5 million tons of carbon dioxide.
EDC goes beyond generating RE to help in decarbonizing the country by restoring forests through its BINHI greening legacy. It has planted 6.2 million seedlings covering 8,964 hectares of denuded land in 2016.
This resulted in 793,563 tons of carbon dioxide sequestered in 2018. That is on top of the 2.4 million tons of equivalent carbon sequestered in biomass for taking care of our geothermal reservations.
Its carbon footprint of 806,117 CO2e from its operations in 2016 is only 30 percent of the carbon absorption of the forests and plantations that it nurtures. (PR)
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