First Gen, EDC named among world’s biggest, greenest companies

LOPEZ-LED First Gen Corp. and Energy Development Corp. (EDC) made it to the latest list of the world’s top 200 biggest and greenest companies.

Based on the Carbon Clean 200 list as of the third quarter of 2018, First Gen ranked 113rd with estimated clean-energy revenues of $632 million in 2017; while EDC occupied the 139th slot with estimated clean-energy revenues of $494.72 million.

The list ranks companies according to the size of their revenues from clean-energy sources.

First Gen and EDC are the only Philippine companies included in the list. The latest ranking marked the third time for EDC and the first time for First Gen to make it to the Carbon Clean 200.

First Gen is the Philippines’s leading clean and renewable-energy producer with 3,490 megawatts in installed capacity. Subsidiary EDC is one of the world’s largest geothermal producers and the country’s leading renewable-energy company with an installed capacity of 1,471.8 MW.

“Being the only Philippine companies on the list is a strong recognition of our commitment to not invest in coal and to make RE [renewable energy] more accessible to Filipinos to help drive a low-carbon economy for the country,” First Gen and EDC Chairman and CEO Federico R. Lopez said.

EDC also holds the distinction of being a carbon-negative company. This means the amount of carbon dioxide it absorbs is far more than the level of CO2 it produces. On an annual basis, EDC helps the country avoid 6.7 million tons of CO2 emissions through its pure RE operations and comprehensive watershed management program.

Launched jointly by nonprofit organization As You Sow of the United States and market research group Corporate Knights of Canada, the Carbon Clean 200 list undergoes an update twice a year, based on total clean-energy revenues that Bloomberg New Energy Finance (BNEF) rates.

‘ To qualify for inclusion in the list, a company must have over $1 billion in market capitalization and generate more than 10 percent of its total revenues from clean-energy sources.

The Carbon Clean 200 list excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources. Also excluded are the world’s top 100 coal companies, measured in terms of reserves.  Coal is considered a major source of CO2, one of the greenhouse gases being blamed in various studies for adverse climate change.

Carbon Clean 200, likewise, disqualifies companies that profit from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and those engaged in negative climate lobbying.

Thirty-tree countries were represented in the latest Carbon Clean 200. Fifty-two companies were based in China, 34 from the US and 19 from Japan.

Earlier, leading integrated food-manufacturing company General Milling Corp. (GMC) renewed its contract for the supply of clean, reliable and renewable energy from First Gen.

Under the new contract, First Gen will supply GMC’s facility in Lapu-Lapu City with electricity coming from EDC. “We chose to renew with First Gen and EDC because aside from the pure renewable energy that they provide, we are very satisfied with their service.  It is just like a renewal of vows for us,” GMC EVP Joselito “Toto” Parco.

The Lapu-Lapu factory is GMC’s biggest facility.

Also, Citizen Machinery Philippines earlier tapped EDC to supply clean power to the former’s facilities in Tanauan, Batangas.

Both inked a two-year supply deal for 2.5 MW of geothermal power from EDC’s BacMan geothermal project. “As a manufacturing company, Citizen Machinery Philippines desires to be supplied by stable and low-cost electricity, especially since our foundry consumes much power,” Citizen Machinery Philippines President Akihide Kanaya said. “EDC’s BacMan Geothermal Project meets these criteria. Choosing to be powered by 100-percent renewable energy strongly supports this commitment.” CMP manufactures and assembles automatic lathe machines, which produces other machines for use in different industries.