Meralco among world’s most environmentally responsible firms

MANILA, Philippines — The Manila Electric Co. (Meralco) has committed to continue advancing its drive towards  sustainability after being recognized as one of the most socially and environmentally responsible companies globally.

“As we forge ahead, we are committed to accelerating our sustainability transformation while meeting the needs of our recovering nation,” Meralco president and CEO  Ray Espinosa said.

In continuing to advance the company’s drive towards sustainability, Espinosa said Meralco would not only intensify efforts to keep the lights on for its customers and communities, but would also heighten initiatives to protect and preserve the planet.

Meralco’s key sustainability initiatives include sourcing 1,500 megawatts (MW) of its power requirements from clean energy in the next five years while building 1,500 MW of renewable energy capacity through 2027.

It also includes electrifying 25 percent of its vehicle fleet by 2030, planting and nurturing five million trees by 2025 to help protect and preserve Philippine forests and watersheds, and achieving 40 percent women representation in its workforce by the end of this decade.

Meralco recently became the second power company in the Philippines to be recognized by UK-based global sustainability index provider FTSE Russel for outstanding sustainability performance.

Meralco has been included in the FTSE4Good Index Series, specifically in the FTSE4Good Emerging Index and in the FTSE4Good ASEAN 5 Index.

The FTSE4Good Index Series is a set of global sustainability indices that measure the performance of companies in key environmental, social, and governance (ESG) areas such as climate change, labor standards, and anti-corruption.

It was designed to help market participants assess sustainable investment products, to research environmentally and socially sustainable firms, and to provide a transparent and evolving global ESG standard against which businesses could benchmark their performance.

Meralco garnered an ESG rating of 3.2 in FTSE Russell’s latest assessment, topping the Philippines’ and the global energy sector’s averages.

A company in an emerging market must achieve an overall ESG rating of 2.9 or higher to be included in the FTSE4Good Index.

“We are very honored and grateful for this distinctive recognition of our sustainability strategy and initiatives. This confirms that we are indeed progressing in the right direction,” Meralco first vice president and chief sustainability officer Raymond Ravelo said.