AYALA Corp. is committing to achieve net zero greenhouse gas emissions by 2050, Fernando Zobel de Ayala, the group’s president and chief executive officer announced during the Integrated Corporate Governance, Risk Management and Sustainability Summit held Thursday, Oct. 21, 2021.
“As Ayala’s concrete contribution to the well-being of future generations of Filipinos, we are announcing our commitment to achieve net zero greenhouse gas emissions by 2050. We are aligning ourselves with the global movement for climate action as our way to help secure our country’s future from the threats brought by climate change. We believe that we have the capabilities and collective will to make this happen,” Zobel said.
Ayala aligns its business strategy with the Paris Agreement’s goal of limiting global warming to 1.5°C compared to pre-industrial levels. As such, Ayala commits to set targets aligned with science that cover the following: Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from generation of purchased electricity), and all relevant Scope 3 (all other indirect emissions that occur in value chain).
Scope 3 emissions are expected to make up the majority of Ayala’s footprint and can be complex to address, but Ayala is committed to net zero best practices and driving meaningful change in its business ecosystem.
l Ayala Land pushes for offsetting its Scope 1 and 2 emissions by 2022 for its commercial operations
l Bank of the Philippine Islands will not finance new greenfield coal power generation projects. The bank will reduce its coal power generation exposure to half of 2020 by 2026 and to zero by end of 2032.
l Globe, a participant to the Race to Zero and a signatory to the science-based targets initiative, has shifted to buying energy directly from renewable energy producers for its headquarters in Taguig and six offices and facilities since 2019
l AC Energy is on its way to installing five gigawatts of renewable energy by 2025.
l Ayala Corp.’s Project Kasibulan, a reforestation, forest protection, and biodiversity conservation program for carbon sequestration is to be piloted in the island of Mindoro.
To develop a net zero roadmap, Ayala partners with South Pole, a leading project developer and global climate solutions provider that works with private organizations and governments worldwide.
This partnership enables the group to have an accurate view of emissions across its core business units and a tangible roadmap for reducing them in line with its net zero by 2050 ambition. (PR)