ACEN unveils plan to hit net-zero goal

BY LENIE LECTURA – APRIL 3, 2023
from Business Mirror

ACEN Corp. the listed energy company of conglomerate Ayala Corp., released on Monday its “Net Zero” roadmap, which includes near-term emission reduction targets.

“As part of its transition plan, ACEN aims to deliver reduction-led decarbonization by 2040, with an interim target for 2030, and a Net Zero status by 2050,” ACEN said in a disclosure to the stock exchange.

ACEN President Eric Francia said the power firm will continue to explore opportunities to further accelerate these targets in the future.

“We are pleased to share our progress on our commitment to achieve Net Zero GHG emissions by 2050, including reaching our long-term decarbonization goals by 2040, with clear milestones providing an accountable and transparent framework for measuring progress.

The entire organization and the board fully support this initiative. Our climate ambition is well aligned with our vision to reach 20 GW of renewables by 2030,” he said.

These targets are aligned with the greenhouse gas (GHG) protocol and the latest climate-science and long-term targets that are consistent with the deep decarbonization of the power sector. ACEN claimed that it is the first energy company in Southeast Asia to take this critical step towards achieving net zero.

ACEN is targeting to achieve a 100-percent renewable energy portfolio by 2025. It currently owns a generation portfolio of 4,030 MW of net attributable capacity based on ownership stake, with 98 percent coming from renewable technologies across the Asia Pacific.

In November 2022, it completed the full divestment of its South Luzon Thermal Energy Corp.’s 246MW coal plant using the Energy Transition Mechanism framework. Under the mechanism, the coal plant will be retired by 2040, reducing its technical operating lifetime by half, and transitioned to a cleaner technology.

The transaction, which generated P7.2 billion in proceeds for ACEN, will be reinvested into renewable energy projects.