EDC’s carbon disclosure wins Bronze at Asia Sustainability Reporting Awards

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As the Philippines’ pioneer and largest 100% renewable energy company that manages close to 1% of the country’s forests, EDC’s geothermal reservations absorb close to five times its emissions every year and has resulted in its carbon neutral operation.

Lopez-led geothermal leader Energy Development Corporation (EDC) has won a Bronze in the Asia’s Best Carbon Disclosure category at the 5th Asia Sustainability Reporting Awards (ASRA), the most prestigious awards for reporting.

“As global carbon emissions continue to go up, we strive to maintain our carbon neutral operation by investing only in low carbon energy sources like geothermal and through reforestation,” said EDC President and COO Richard B. Tantoco. “By sharing our environmental impact in our annual performance reports, we hope to encourage more companies to also find ways to lower their carbon footprint and be part of the world’s solution to climate change.”

As the Philippines’ pioneer and largest 100% renewable energy company that manages close to 1% of the country’s forests through its BINHI forest restoration program, EDC’s geothermal reservations absorb close to five times its emissions of a little over 800,000 tons of carbon dioxide equivalent every year. Its forest protection initiatives capture and store carbon at a rate of 3.9 million tons of carbon dioxide. This is equivalent to 8.8 million miles driven by an average passenger vehicle.

The winners were selected from 461 entries received from 16 countries in Asia. The 2019 ASRA saw 80 shortlisted companies from 13 countries competing in the finals across 19 awards categories.

In a live broadcast from Singapore, more than 200 senior business leaders and sustainability professionals from 15 countries attended the exclusive awards ceremony hosted virtually due to the Covid-19 pandemic. Attendees also included dignitaries from academia, embassies, trade associations and advocacy organizations.

The Swedish Ambassador H.E. NiclasKvarnström, the Swedish Ambassador, Singapore was the Guest of Honor at the awards ceremony hosted virtually this year due to the Coronavirus disease pandemic.

In his keynote address, Ambassador Kvarnström said, “The current times highlight the importance of transparency for solving global problems. Businesses that show investors and customers that they are sustainable and responsible also show that they are leaders.”

The awards ceremony started with the opening address by Ms. Alexandra McKenzie, Chargé d’Affaires of the British High Commission to Singapore.

“As institutional investors are getting more serious about a company’s sustainability performance, sustainability reporting has become an essential tool for communicating how the reporting organization manages its material economic, environmental and social impacts, risks and opportunities to build a sustainable business.”

Rajesh Chhabara, managing director of CSRWorks International and the founder of ASRA, said: “The unprecedented global pandemic caused by Covid-19 is a stark reminder that businesses, governments and societies need to work together to build mutual resilience. Adopting responsible environmental, social, and governance practices has become ever more essential to ensure corporate sustainability.”

EDC’s award-winning report demonstrates the organization’s leadership in sustainability reporting and its commitment to creating long-term value for stakeholders. Its 1,475MW total installed capacity generates 37% of the country’s total renewable energy, with its 1,181MW geothermal portfolio accounting for 61% of the country’s total installed geothermal capacity and putting the Philippines on the map as the world’s 3rd largest geothermal producer.

ASRA, the most prestigious recognition for sustainability reporting, has continuously raised the bar for quality and authenticity of reporting introducing a healthy competition among companies in Asia.

An independent judging panel determined gold, Silver and Bronze winners for 2019.  ASRA follows a rigorous multi-tier evaluation process. Evaluation of entries involves three rounds of assessments to select the very best in each award category. In addition to assessing the report quality, comprehensive due diligence is carried out to consider finalists’ reputation among their stakeholders as part of the judging process.

CSRWorks International, a Singapore-based firm focussed on sustainability consulting, training and thought leadership, has created non-profit Asia Sustainability Reporting Awards to inspire all companies to adopt sustainability reporting.