As we enter the typhoon season, recent
extreme weather events have once again underscored the Philippines'
vulnerability to such conditions.
As the nation grapples with the
potential aftermath, it is clear that being part of the global conversation on
achieving net zero emissions is imperative. This typhoon has highlighted the
urgency for the Philippines to be an active participant in the fight against
climate change, not only to mitigate future impacts but to also contribute to
global solutions.
The concept of net zero refers to
balancing the amount of greenhouse gases emitted with an equivalent amount
removed from the atmosphere. For the Philippines, a country frequently in the
crosshairs of severe weather, achieving net zero is a crucial step towards enhancing
climate resilience. The recent typhoon has made it evident that the country
cannot afford to be a bystander in the global efforts to combat climate change.
Instead, it must be a proactive player, advocating for and implementing
strategies that contribute to the global net zero target.
One of the key areas where the
Philippines can make a significant impact is by leveraging its abundant natural
resources to transition to renewable energy sources. By increasing investments
in solar, wind, and hydroelectric power, the nation can reduce its reliance on
fossil fuels, thereby lowering its carbon footprint.
This transition is crucial for achieving
net zero and offers the added benefit of creating a more resilient energy
infrastructure less susceptible to disruptions caused by extreme weather.
SM Prime Holdings, Inc. recognizes the equal importance and urgency of both
climate change adaptation and mitigation. As part of our strategy, we are
investing 10% of our Capital Expenditure (CAPEX) in sustainability and disaster
resilience design.
A significant initiative supporting this
commitment is SM Prime’s pledge to achieve net zero emissions by 2040. As the
country’s leading integrated sustainable property developer, we have committed
to the Science-Based Targets Initiative (SBTi), a recognized global standard
for corporate decarbonization targets. This makes us one of the few
corporations in the Philippines to do so. To ensure our near and long-term
science-based targets for 2030 and 2040 align with the global commitment to
achieve net zero by 2050, SM Prime collaborates with the World-Wide Fund for
Nature Philippines (WWF) through their Corporates for a Better Planet
Initiative (CBPI) program.
This ambitious target is supported by
concrete actions, such as the installation of onsite solar panels across
various properties and strategic partnerships for renewable energy sourcing.
These initiatives not only reduce the company's carbon footprint but also set a
precedent for other businesses to follow, demonstrating that sustainable
practices can be integrated into core business operations.
Pledging to advance every person’s right
to a better quality of life through heightened climate action, disaster risk
reduction, biodiversity protection, and our strategic corporate social
responsibility programs, this commitment places climate action at the forefront
as one of SM Prime’s sustainability agenda.
SM Supermalls have
enhanced natural lighting and improved insulation, reducing energy needs for
lighting, heating, and cooling, leading to more efficient and environmentally
friendly operations.
Using solar panels or other
renewable energy sources lowers the carbon footprint, leading to reduced
greenhouse gas emissions and decreased reliance on non-renewable energy.
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