Pilipinas Shell Petroleum Corp. on Friday said it will be adopting the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) to report climate-related risks and opportunities in its business activities.
“Pilipinas Shell is supporting the TCFD recommendations as part of its efforts to promote transparency in its sustainability efforts, as supported by the existing climate-related information that we provide via our annual and sustainability reports,” Shell President and Chief Executive Officer (CEO) Lorelie Q. Osial said in a statement.
“By adopting these recommendations, we communicate how financial risks and opportunities related to climate change are part of our risk management and strategic planning processes, leading to smarter, more efficient allocation of capital, and helping smooth the transition to a more sustainable, low-carbon economy,” she added.
Pilipinas Shell will be the first energy company in the Philippines to adopt the task force recommendations, as urged by the international Financial Sustainability Board (FSB).
Meanwhile, Pilipinas Shell said its head office in Taguig was given a silver rating under a green building rating system, the Leadership in Energy and Environmental Design (LEED).
Pilipinas Shell said its business operations in Manila are using 100% green-tech energy to produce electricity for its offices.
The company is also working on other sustainability initiatives, such as integrating solar panels and rain catchers to mobility sites and using eco-bricks from upcycled plastics for building walls.
“Pilipinas Shell remains committed to promote sustainability, providing cleaner energy solutions in a responsible way that balances short and long-term interests, and integrating economic, environmental and social considerations into decision-making,” Ms. Osial said.
