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ACEN secures ‘B’ rating for climate change disclosures

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By Alena Mae S. Flores – March 14, 2024, 7:25 pm
from manilastandard.net

ACEN Corp. said Thursday it secured a “B” rating for its climate change disclosure through CDP—a global non-profit that runs the world’s leading environmental disclosure platform.

ACEN said in a disclosure to the Philippine Stock Exchange the rating is two levels higher than last year’s, underscoring its dedication to decarbonization and adherence to the highest environmental standards.

ACEN said it actively participated in the Climate Change questionnaire since beginning its disclosures with CDP in 2022, contributing to the world’s most comprehensive inventory of self-reported environmental data.

It said the company’s ongoing efforts align with the increasing demand for environmental transparency from financial institutions, customers and policymakers.

ACEN completed the world’s first Energy Transition Mechanism (ETM) transaction in 2022 that enabled the full divestment of the 246-megawatt South Luzon Thermal Energy Corp. (SLTEC) coal plant.

Under the ETM framework, the coal plant will be retired by 2040, reducing its operating life of up to 50 years by half and reducing up to 50 million metric tons of carbon emissions.

ACEN was also the first energy company in Southeast Asia to launch a robust net zero roadmap in 2023, which includes near-term emission reduction targets aligned with the GHG protocol and the latest climate-science.

“Our commitment to environmental transparency through CDP is a pivotal element of our sustainability strategy. It not only reaffirms our accountability to stakeholders but also enhances our capability to manage environmental risks as we expand our renewable energy portfolio globally,” ACEN vice president and head of corporate communications and sustainability Irene Maranan said.

Sherry Madera, chief executive at CDP, said there are over 23,000 businesses disclosing through CDP this year, which shows that sustainability – and the data that underpins it – is an essential part of long-term success in the business community.

“Disclosure works, and today we should take a short pause to celebrate the dedication to transparency and accountability shown by ACEN reporting through CDP this year. A 1.5-degree future is still possible if the global community works in lockstep to get there. By sharing their environmental data with CDP, ACEN is starting/continuing an environmental journey that will contribute to keeping that future in sight,” Madera said.

ACEN, the listed energy platform of the Ayala Group, has about 4,800 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 99 percent.

It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000 MW of renewables capacity by 2030.

ACEN said it is committed to transitioning the company’s generation portfolio to 100-percent renewable energy by 2025 and becoming a net zero greenhouse gas emissions company by 2050.

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