LISTED property developer Ayala Land, Inc. said on Tuesday that it has achieved 91% of carbon neutrality in its commercial properties by switching to renewables and embarking on reforestation efforts, keeping the firm on track in reaching its 100% target by 2022.

Carbon neutrality refers to a balance between emitting and absorbing carbon from the atmosphere to achieve net zero emissions.

Manuel A. Blas II, Ayala Land’s estate group head of corporate services, said in a press release that around 63% of the total gross leasable area of commercial properties have been using renewable energy, as of last year.

He added that some 25,000 trees were planted across 24 hectares in its carbon forests last year; and 80% of the “total carbon forest area” are now covered with trees.

“We’re confident we will hit our target by the end of next year,” Mr. Blas said, referring to the firm’s goal of fully reducing the use of fossil fuels in powering Ayala Land’s malls, offices, hotels and resorts and protecting 586 hectares of carbon forests by 2022.

Four years ago, the company embarked on a program to reduce its carbon footprint to zero by 2022.

Ayala Land Chairman Fernando Zobel de Ayala said that the firm’s efforts to achieve carbon neutrality “affirms its commitment to sustainable and inclusive growth.”

Ayala Land is one of the major subsidiaries of diversified conglomerate Ayala Corp. It has five residential brands in the housing market, and holds a commercial development and leasing portfolio composed of Ayala Malls, Ayala Land Offices, and Ayala Land Hotels and Resorts Corp.

Shares of Ayala Land in the local bourse inched down 0.42% or 15 centavos to finish at P35.75 apiece. — Angelica Y. Yang