Harnessing the Power of Nature: EDC’s Integrated Report 2022 Showcases a Regenerative Energy Transformation
By Peter Paul Duran – September 19, 2023, 8:00 pm
from manilastandard.net
The Energy Development Corporation (EDC), the leading 100% renewable energy producer in the Philippines, has unveiled its highly anticipated Integrated Report 2022, showcasing its commitment to forge collaborative pathways for a decarbonized and regenerative future.
With insightful messages from Chairman Federico R. Lopez and former President Richard B. Tantoco, the report highlighted the company’s achievements, its holistic approach to business, and its role in the global shift towards clean energy.
In his message, Chairman Federico R. Lopez acknowledged the collective efforts of diverse sectors working towards the shared goal of reducing carbon emissions to zero by 2050.
He emphasized the urgency of completing three crucial phases on the path to Net Zero: REDUCE Greenhouse Gas (GHG) emissions of carbon dioxide, methane, nitrous oxides and fluorinated gases, ELIMINATE all emissions of GHGs, and REDUCE the concentration of greenhouse gases in the atmosphere.
EDC’s Geo 24/7 supplies a reliable source of pure renewable energy from beneath the earth to power our country’s
growing economy without harming the environment.
Lopez stressed that failure to achieve these milestones within the next 27 years may result in “irreversible tipping points with devastating consequences,” as already witnessed in current news reports.
On the other hand, Richard B. Tantoco, former President and a current member of EDC’s Board of Directors highlighted EDC’s exceptional performance in surpassing generation and attributable recurring net income targets for the first time in four years, signaling a resurgence of growth.
With a focus on safety practices, management, and financial targets, EDC’s achievements include surpassing its RNIA (Recurring Net Income Attributable) target by 28.7%, amounting to ₱11.2 billion in 2022. Additionally, the company embarked on several renewable energy projects representing an investment of ₱17.35 billion, positioning EDC for a record-breaking year ahead.
The Integrated Report provided an in-depth analysis of EDC’s environmental, financial, social, and governance performance throughout 2022. Aligned with international frameworks such as the Global Reporting Initiative (GRI) and the Task Force for Climate-related Financial Disclosures (TCFD), the report demonstrates EDC’s commitment to creating long-term value for stakeholders.
EDC’s adoption of the Integrated Report Framework and the TCFD Framework ensures transparency, responsible governance, and a holistic approach to measuring and disclosing climate-related risks and opportunities.
EDC’s business model centers around the harnessing of clean, natural resources, primarily through its geothermal energy portfolio spread across the country, as well as the largest wind power farm in the Philippines combined with solar power farms in Ilocos Norte, and the FG Hydropower plant in Nueva Ecija.
Known for its Geo 24/7 baseload renewable energy that it has been harnessing for over 40 years, EDC continually improves services, reduces outages, and increases power generation from purely renewable sources. The company’s Agile approach enables prompt decision-making and effective action, even in the face of natural disasters and unforeseen challenges.
In line with its commitment to stakeholder engagement, EDC operates based on the stakeholder pentad framework, focusing on customers, co-creators (employees and vendors), the Earth, communities, and investors.
By meeting its customers’ energy needs, investing in employee well-being, caring for the environment, supporting local communities, and fostering trust with investors, EDC drives a regenerative revolution that balances economic prosperity with environmental sustainability, thereby creating exponential good for generations to come.
