Net Zero Emissions / SM Prime is setting the standard with a pledge to achieve net zero emissions by 2040. Discover how sustainable business can be the future of climate action!
As we enter typhoon season, recent extreme weather events have once again underscored the Philippines’ vulnerability to such conditions. As the nation grapples with the potential aftermath, it is clear that being part of the global conversation on achieving net zero emissions is imperative.
This typhoon has highlighted the urgency for the Philippines to actively participate in the fight against climate change, not only to mitigate future impacts but also to contribute to global solutions.
Achieving Net Zero Emissions for the Philippines
The concept of net zero refers to balancing the amount of greenhouse gases emitted with an equivalent amount removed from the atmosphere.
For the Philippines, a country frequently in the crosshairs of severe weather, achieving net zero is a crucial step toward enhancing climate resilience. The recent typhoon has made it evident that the country cannot afford to be a bystander in global efforts to combat climate change.
Instead, it must be a proactive player, advocating for and implementing strategies that contribute to the global net zero target.
Transition to Renewable Energy
One key area where the Philippines can make a significant impact is by leveraging its abundant natural resources to transition to renewable energy sources. By increasing investments in solar, wind, and hydroelectric power, the nation can reduce its reliance on fossil fuels, thereby lowering its carbon footprint.
This transition is crucial for achieving net zero and offers the added benefit of creating a more resilient energy infrastructure that is less susceptible to disruptions caused by extreme weather.
SM Prime’s Commitment to Sustainability
SM Prime Holdings, Inc. recognizes the equal importance and urgency of both climate change adaptation and mitigation. As part of our strategy, we are investing 10% of our Capital Expenditure (CAPEX) in sustainability and disaster resilience design.
A significant initiative supporting this commitment is SM Prime’s pledge to achieve net zero emissions by 2040. As the country’s leading integrated sustainable property developer, SM Prime have committed to the Science-Based Targets Initiative (SBTi), a recognized global standard for corporate decarbonization targets. This makes the company one of the few corporations in the Philippines to do so.
To ensure its near- and long-term science-based targets for 2030 and 2040 align with the global commitment to achieve net zero by 2050, SM Prime collaborates with the World-Wide Fund for Nature Philippines (WWF) through their Corporates for a Better Planet Initiative (CBPI) program.
This ambitious target is supported by concrete actions, such as the installation of onsite solar panels across various properties and strategic partnerships for renewable energy sourcing. These initiatives not only reduce the company’s carbon footprint but also set a precedent for other businesses, demonstrating that sustainable practices can be integrated into core business operations.
A Commitment to a Better Future
Pledging to advance every person’s right to a better quality of life through heightened climate action, disaster risk reduction, biodiversity protection, and strategic corporate social responsibility programs, this commitment places climate action at the forefront as one of SM Prime’s sustainability priorities.
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