FIRST GEN Corp. and Energy Development Corp. (EDC) have been included in Carbon Clean 200, the list of the world’s top 200 biggest and greenest companies, the Lopez-led firms said on Monday.
“Being the only Philippine companies on the list is a strong recognition of our commitment to not invest in coal and to make RE [renewable energy] more accessible to the Filipinos to help drive a low-carbon economy for the country,” said Federico R. Lopez, chairman and chief executive officer of First Gen and EDC, said in a statement.
Carbon Clean 200 ranks companies based on the size of their revenues from clean energy sources. The latest list was released in the third quarter of 2018.
First Gen ranked 113th with $632 million in estimated clean energy revenues in 2017. EDC took the 139th slot with around $494.72 million during the same period.
This was the first time for First Gen to make it to the Carbon Clean 200, and EDC’s third time on the list.
First Gen is the country’s leading clean and renewable energy producer with 3,490 megawatts (MW) in installed capacity. Its subsidiary EDC is one of the world’s largest geothermal producers and the country’s leading renewable energy company with an installed capacity of 1,471.8 MW.
EDC said it holds the distinction of being a carbon-negative company, that is, the amount of carbon dioxide (CO2) it absorbs is far more than the level of CO2 it produces.
“On an annual basis, EDC helps the country avoid 6.7 million tons of CO2 emissions through its pure RE operations and comprehensive watershed management program,” the company said.
The Lopez group said the Carbon Clean 200 list undergoes an update twice a year, based on total clean energy revenues that Bloomberg New Energy Finance (BNEF) rates. The initiative is jointly launched by non-profit organization As You Sow of the USA and market research group Corporate Knights of Canada.
To qualify for inclusion in the list, a company must have more than $1 billion in market capitalization and generate more than 10% of its total revenues from clean energy sources.
The Carbon Clean 200 list excludes oil and gas companies and utilities that generate less than 50% of their power from renewable sources, as well as coal companies. — Victor V. Saulon