Metro Manila (CNN Philippines, February 20) — The country's largest geothermal energy producer was again recognized as one of the world's top 200 companies that drew significant revenues from clean energy.
The Lopez-led Energy Development Corporation (EDC) ranked 119th in the Carbon Clean 200 for the first quarter of 2018. EDC is also the only Filipino company that was included.
The list's top three are Germany's Siemens, Japan's Toyota Motor Corporation and France's Scheider Electric.
The biennial Carbon Clean 200 — which was launched in 2016 by non-profit corporate social responsibility group “As You Sow” and research group Corporate Knights — ranks the largest publicly listed companies by their total clean energy revenues, as rated by Bloomberg New Energy Finance.
EDC ranked 97th in the third quarter of 2016, slipping to 98th in the first quarter of 2017. It then dropped to 118th in the third quarter of 2017.
Eligible companies are those with a market capitalization greater than $1 billion (around ₱52 billion) and have earned more than 10 percent of their total revenues from clean energy sources.
The list excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources, as well as the top 100 coal companies measured by reserves.
It also disqualifies companies profiting from weapons manufacturing, tropical deforestation, the use of child and/or forced labor and companies that engage in negative climate lobbying.
'On the right track'
EDC said in a Monday press statement that its inclusion in the Carbon Clean 200 list "provides another proof that the renewable energy company is on the right track to invest in a low carbon future."
The company added that it is the first firm in the Philippines to achieve a carbon-neutral status, meaning it absorbs more carbon dioxide than it emits to the environment.
In 2016, EDC said it generated 8,531.5 gigawatt-hours that helped the country avoid 7.5 million tons of carbon dioxide.
It added that the total installed capacity of 1,458 megawatts from its geothermal, wind, solar, and hydro power sources accounts for 21 percent of the total installed RE in the country.
"EDC has committed to avoid investing in coal and to make RE more accessible to the Filipinos in order to help drive a low-carbon economy for the country," the company said.
EDC also said it went beyond generating RE to help decarbonize the country by restoring forests through its BINHI greening legacy.
It planted 6.2 million seedlings covering 8,964 hectares of denuded land in 2016, which EDC said resulted in 793,563 tons of carbon dioxide sequestered in 2018.
"This is on top of the 2.4 million tons of equivalent carbon sequestered in biomass for taking care of our geothermal reservations," EDC said.
CNN Philippines Staff (february 20, 2018). EDC sole PH firm in Q1 2018 Carbon Clean 200 list. CNN Philippines. Retrieved from http://cnnphilippines.com/business/2018/02/20/energy-development-corporation-carbon-clean-200.html