SM Prime Holdings Inc., one of the leading integrated property developers in Southeast Asia, has committed to expand its energy source portfolio gearing towards clean energy across all of its business segments over the medium term as part of its sustainability program.
“Sustainability has always been a part of SM’s strategy and we are continuously exploring ways to promote environmental consciousness in our operations and developments,” said SM Prime president Jeffrey C. Lim. “We are now embarking on a program to utilize more of renewable energy in our business operations to minimize environment al impact,” he added.
SM Prime targets to increase the share of renewable energy in its electricity consumption by more than 50 percent across all of its business segments by end of 2022, in support of the Department of Energy’s program of moving up the renewable energy supply component of the country to 35 percent by 2030.
On top of diversifying energy suppliers, the company will also expand the use of solar roof decks in its various properties to partly meet the electricity requirements of its business operations.
As of the first half of 2021, SM Prime has eight facilities under the DOE’s Retail Competition and Open Access (RCOA) scheme that are utilizing clean energy in its operation with a total capacity of 7.7 MW.
Through the program, the number of facilities using clean energy will be increased to more than 50, with a combined maximum capacity of 140 MW.
SM Prime said it is also already working out diversification of energy sources even in developments where RCOA scheme is not yet implemented.
Through these efforts, the company is committed to provide affordable and clean energy to its tenant-partners, minimizing the carbon footprint emission in its operations.
Along with other environmental care and protection programs of SM Prime, the continuous development of the Company’s sustainable program is an effort initiated by SM Prime Chairman of the Executive Committee and United Nations Office for Disaster Risk Reduction’s Private Sector Alliance for Disaster Resilient Societies co-chair Hans T. Sy, which started in 2013.
“As we continue to strive for more sustainable operations, SM Prime will keep working towards a future-proofed business by developing proactive solutions through partnership with various public and private entities that can further improve our way of business and reduce the carbon footprints generated in our operations,” Lim said.
SM Prime said it remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
Sustainability and Disaster Risk Reduction and Resilience form part of SM Prime’s core business strategies.
It ensures that its risk-informed investments catalyze sustainable development and positive change in the communities where it operates.