AYALA CORP. is aiming to achieve its net-zero greenhouse gas emissions target ahead of its 2050 deadline, with progress driven by renewable energy and mobility investments across its subsidiaries, a company official said.
“Our net-zero goal is a work in progress. Obviously, 2050 was the goal. We will try to do as much as we can to make that target or even before,” Ayala Corp. Chief Sustainability and Risk Officer Jaime Z. Urquijo told BusinessWorld on the sidelines of the Philippine Investment Conference on Aug. 29.
Net zero refers to cutting greenhouse gas emissions to as close to zero as possible while offsetting remaining emissions.
Mr. Urquijo said Ayala Corp.’s strategy involves responsible investments that integrate environmental, social, and governance (ESG) principles, with a focus on renewable energy and transportation.
“We feel very strongly that the fundamental momentum is really built on solid fundamentals especially in two areas specifically, renewable energy and mobility space,” he said.
Ayala Corp.’s listed power unit, ACEN Corp., last week announced the sale of its remaining diesel power plant as it moves toward a 100% renewable energy portfolio by yearend. ACEN has set near-term emission reduction goals for 2030, long-term reduction targets for 2040, and aims to neutralize residual emissions to reach net zero by 2050.
In January, Ayala Corp. signed a $100-million (around P5.8 billion) financing deal with the Asian Development Bank to support the development of an electric mobility ecosystem in the Philippines.
The Philippines has committed to cut greenhouse gas emissions by 75% by 2030 under the 2021 Paris Agreement, with transport identified as one of the key sectors for decarbonization. — Ashley Erika O. Jose
